<SEC-DOCUMENT>0001104659-19-013669.txt : 20190311
<SEC-HEADER>0001104659-19-013669.hdr.sgml : 20190311
<ACCEPTANCE-DATETIME>20190308181856
ACCESSION NUMBER:		0001104659-19-013669
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20190308
FILED AS OF DATE:		20190311
DATE AS OF CHANGE:		20190308

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		19670376

	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>6-K
<SEQUENCE>1
<FILENAME>a19-6191_16k.htm
<DESCRIPTION>6-K
<TEXT>


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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>
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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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Arial" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;6-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">REPORT OF FOREIGN PRIVATE ISSUER</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;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Pursuant to Rule&nbsp;13a-16 or 15d-16</font></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">of the Securities Exchange Act of 1934</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">For the month of March 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Commission File Number: 001-13464</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">Telecom </font></b><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">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;">(Translation of registrant&#146;s name into English)</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="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alicia Moreau de Justo, No.&nbsp;50, 1107</font></b></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;">Buenos Aires, Argentina</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Address of principal executive offices)</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;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</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="3" face="Arial" style="font-size:12.0pt;">Form&nbsp;20-F</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">X</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.18%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">Form&nbsp;40-F</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt -286.1pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</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="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1):</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;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Yes</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">No</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">X</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;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):</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;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Yes</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">No</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">X</font></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 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="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Telecom </font></b><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">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;"><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="3" face="Arial" style="font-size:12.0pt;">TABLE<a name="TableOfContents"></a> OF CONTENTS</font></p>
<p style="margin: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="Arial" style="font-size:10.0pt;font-weight:bold;">Item</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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#press_release" title="Click to goto "><b><i><font size="2" style="font-size:11.0pt;font-style:italic;font-weight:bold;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press   Release &#151; Telecom Argentina S.A. announces consolidated results for the   fiscal year 2018 (&#145;FY18&#146;)</font></i></b></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="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;&nbsp;&nbsp;&nbsp;&nbsp;<a name="press_release"></a>&nbsp;&nbsp;&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.94%;">
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial"><img border="0" width="87" height="41" src="g61911bei001.gif"></font></p>    </td>   </tr>  </table>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">FOR IMMEDIATE RELEASE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Market Cap P$271.1 billion</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">March&nbsp;7th, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Contacts:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Solange Barthe Dennin</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">(54 11) 4968-3752</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="5" color="#4576d6" face="Arial" style="color:#4576D6;font-size:17.0pt;font-weight:bold;">Telecom Argentina S.A.</font></u></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="5" color="#4576d6" face="Arial" style="color:#4576D6;font-size:17.0pt;font-weight:bold;">announces consolidated results for fiscal year 2018 (&#145;FY18&#146;)*</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;"><b><u><font size="1" color="#4576d6" face="Arial" style="color:#4576D6;font-size:9.0pt;font-weight:bold;">Note:</font></u></b><b><font size="1" color="#4576d6" face="Arial" style="color:#4576D6;font-size:9.0pt;font-weight:bold;"> The merger between Telecom and Cablevisi&#243;n was considered an inverse acquisition under IFRS 3 (Business Combinations), with Cablevisi&#243;n being the surviving entity for accounting purposes. Thus, for the purposes of preparing the consolidated financial statements of Telecom Argentina as of December&nbsp;31, 2018: i) the comparative figures as of December&nbsp;31, 2017 correspond to those that arise from the consolidated financial statements of Cablevisi&#243;n (restated by inflation in terms of a constant measuring unit as of December&nbsp;31, 2018); and ii) the corresponding information for the annual period ended December&nbsp;31, 2018, incorporates on the basis of figures corresponding to Cablevisi&#243;n, the effect of the application of Telecom Argentina&#146;s method of acquisition at its fair value in accordance with the IFRS 3 guidelines (see Financial Table No.&nbsp;3) and the operations of Telecom Argentina as of January&nbsp;1, 2018. Moreover, the Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the <i>Comisi&#243;n Nacional de Valores</i> (&#147;CNV&#148;), which establishes that the restatement will be applied to the annual financial statements, for intermediate and special periods ended as of December&nbsp;31, 2018 inclusive. Accordingly, the reported figures corresponding to FY18 include the effects of the adoption of inflationary accounting in accordance with IAS 29. On the other hand, in order to ease the understanding and analysis of the earnings evolution by its users, additional tables of the income statements are included, containing figures non-adjusted by inflation and which were used as the base for the information presented in constant pesos, exposing on pro forma basis the comparative figures for FY17 as if the merger between Telecom and Cablevisi&#243;n had been effective as of January&nbsp;1, 2016 (see Financial Tables No.&nbsp;5, No.&nbsp;7 and No.&nbsp;9). Finally, comments related to variations of results of FY18 and vs. FY17 mentioned in this press release correspond to &#147;figures restated by inflation&#148; or &#147;constant&#148;. <i><u style="font-style:italic;">For further details, please refer to the titles of the financial tables beginning from page&nbsp;14.</u></i></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 .25in;text-align:justify;text-indent:-.25in;"><font size="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Consolidated Revenues amounted to P$168,046 million in FY18, of which Service Revenues reached P$155,212 million. Considering the breakdown of Service Revenues, Mobile Services amounted P$57,776 million; Internet Services totaled P$37,742 million, while Cable TV Services and Fixed Telephony and Data Services amounted to P$36,067 million and P$23,149 million, respectively.</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Mobile Internet revenues of Personal in Argentina reached a 62.1% participation in Service Revenues, in current terms.</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Mobile subscribers in Argentina: 18.6 million in FY18, while Cable TV subscribers and Broadband accesses totaled 3.5 million and 4.1 million, respectively.</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Mobile ARPU of Personal in Argentina in FY18 increased to P$174.0 per month in FY18 (+22.3% vs. FY17).</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Broadband ARPU reached P$623.4 per month in FY18 (+34.6% vs. FY17). Monthly churn was 1.9% in FY18.</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Cable TV ARPU increased to P$696.2 per month in FY18 (+36.4% vs. FY17).</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Consolidated Operating costs -including D&amp;A and impairment of PP&amp;E and intangible assets- totaled P$146,789 million in FY18 (-5.1% vs. FY17).</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Operating Income before Depreciation and Amortization reached P$56,368 million in FY18 (+3.2% vs. FY17), 33.5% of Consolidated Revenues.</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Net Income amounted to P$5,536 million in FY18. Net Income attributable to the Controlling Company amounted to P$5,294 million during the same fiscal year. The variation of the mentioned Net Income vs. FY17 mainly reflects the impact of FX losses over financial results, partially offset by the growth in Operating Income.</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Capex reached P$42,480 million in FY18, equivalent to 25.3% of Consolidated Revenues.</font></b></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="3" color="gray" face="Wingdings" style="color:gray;font-size:12.0pt;">&#167;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Net Financial Debt Position: P$65,628 million in FY18.</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;"><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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><i><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">IAS&nbsp;29</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Adjusted&nbsp;Proforma</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><i><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-style:italic;font-weight:bold;">(in&nbsp;million&nbsp;P$&nbsp;adjusted&nbsp;by&nbsp;inflation,&nbsp;except&nbsp;where&nbsp;noted)**</font></i></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31<br>   2018</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">As&nbsp;of&nbsp;December,&nbsp;31<br>   2017</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&#916;</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&nbsp;$</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&#916;</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&nbsp;%</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 2.9pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Consolidated Revenues</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">168,046</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">172,354</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(4,308)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-2.5%</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Operating   Income before D&amp;A</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">56,368</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">54,598</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">1,770</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">3.2%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Operating   Income</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">21,257</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">17,715</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">3,542</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">20.0%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Net   Income attributable to Controlling Company</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">5,294</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">14,544</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(9,250)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-63.6%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Shareholders&#146;   equity attributable to Controlling Company</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">225,686</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">n.a.</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Net   Financial Position - (Debt) / Cash***</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(65,628)</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(9,580)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(56,048)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">CAPEX   *</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">42,480</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">39,938</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">2,542</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">6.4%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Fixed   lines in service (in thousand lines)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">3,544</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">3,795</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(251)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-6.6%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Mobile   customers (in thousand)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">21,009</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">22,146</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(1,137)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-5.1%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="#7e7e7e" face="Arial" style="color:#7E7E7E;font-size:8.0pt;">Personal (Argentina)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">18,316</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">18,980</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(664)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-3.5%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="#7e7e7e" face="Arial" style="color:#7E7E7E;font-size:8.0pt;">Nextel (Argentina)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">314</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">717</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(403)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-56.2%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="#7e7e7e" face="Arial" style="color:#7E7E7E;font-size:8.0pt;">N&#250;cleo (Paraguay) -including Wimax customers-</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">2,379</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">2,450</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(71)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-2.9%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Broadband   accesses in Argentina (in thousand)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">4,110</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">4,062</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">48</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">1.2%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Cable   TV Suscribers (in thousand)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">3,454</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">3,503</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(49)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-1.4%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Argentina</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">3,310</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">3,360</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">(50)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">-1.5%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Uruguay</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">144</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">143</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">1</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">0.7%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Average   Billing per user (ARBU) Fixed Telephony / voice (in P$)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">219.3</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">152.3</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">67.0</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">44.0%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Average   Revenue per user (ARPU) Mobile Services - Personal (in P$)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">174.0</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">142.3</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">31.7</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">22.3%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Average   Revenue per user (ARPU) Broadband (in P$) ***</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">623.4</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">463.3</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">160.1</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">34.6%</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt 13.0pt;text-indent:-10.1pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">Average   Revenue per user (ARPU) Cable TV (in P$)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">696.2</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">510.3</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">185.9</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:8.0pt;">36.4%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;font-style:italic;">*(CAPEX in constant measuring unit - Figures as of FY17 calculated as the sum of the parts of Telecom Argentina&#146;s and Cablevisi&#243;n&#146;s CAPEX, adjusting them to similar criteria.)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;font-style:italic;">**(Figures may not sum up due to rounding)</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;font-style:italic;">***(Figures as of FY17 calculated as the sum of the parts of Telecom Argentina&#146;s and Cablevisi&#243;n&#146;s consolidated net financial positions)</font></i></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;"><i><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;font-style:italic;">Buenos Aires, March&nbsp;7, 2019</font></i><font color="gray" face="Arial" style="color:gray;"> - Telecom Argentina S.A. (&#145;Telecom Argentina&#146;) - (NYSE: TEO; BASE: TECO2), one of Argentina&#146;s leading telecommunications companies, announced today a Net Income of P$5,536 million for the annual period ended December&nbsp;31, 2018, a decrease of P$9,208 million or 62.5% when compared to FY17. Net loss attributable to the Controlling Company amounted to P$5,294 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;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">It is worth mentioning that the comparative figures for the previous reporting periods have been restated so that the resulting comparative information is presented in terms of the current unit of measurement 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="48%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><b><i><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="16%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;letter-spacing:-.15pt;">I</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;letter-spacing:-.25pt;">A</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">S<font style="letter-spacing:.55pt;">&nbsp;</font><font style="letter-spacing:-.1pt;">2</font>9</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Adjusted&nbsp;Proforma</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p align="right" style="margin:0in .2in .0001pt 0in;text-align:right;"><i><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="16%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;letter-spacing:.35pt;">F</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;letter-spacing:-.2pt;">Y</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;letter-spacing:-.1pt;">1</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;letter-spacing:.35pt;">F</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;letter-spacing:-.2pt;">Y</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;letter-spacing:-.1pt;">1</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&#916;</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&nbsp;$</font></b></p>    </td>
<td width="8%" valign="bottom" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&#916;</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">&nbsp;%</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="margin:.5pt -1.0pt .0001pt 2.0pt;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Consolidated   Revenues (MMP$)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="margin:.5pt 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;">168</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">,<font style="letter-spacing:-.1pt;">04</font>6</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="margin:.5pt 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;">172</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">,<font style="letter-spacing:-.1pt;">35</font>4</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:.5pt 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:.25pt;">(</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;">4</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">,<font style="letter-spacing:-.1pt;">308</font>)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:.5pt 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:.25pt;">(</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;">2</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;">5</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:.3pt;">%</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="line-height:10.75pt;margin:0in -1.0pt .0001pt 2.0pt;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Net Income attributable to Controlling Company (MMP$)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">5</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">,<font style="letter-spacing:-.1pt;">29</font>4</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">14</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">,<font style="letter-spacing:-.1pt;">54</font>4</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:.25pt;position:relative;top:-.5pt;">(</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">9</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">,<font style="letter-spacing:-.1pt;">250</font>)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:.25pt;position:relative;top:-.5pt;">(</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">63</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">6</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:.3pt;position:relative;top:-.5pt;">%</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">)</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="line-height:10.75pt;margin:0in -1.0pt .0001pt 2.0pt;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Earnings attributable to Controlling Company per Share (P$)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">2</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">5</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">6</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">8</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:.25pt;position:relative;top:-.5pt;">(</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">4</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">3</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="line-height:10.75pt;margin:0in -1.0pt .0001pt 2.0pt;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Earnings attributable to Controlling Company per ADR (P$)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">12</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">3</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">33</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">8</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:.25pt;position:relative;top:-.5pt;">(</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">21</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">5</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="line-height:10.75pt;margin:0in -1.0pt .0001pt 2.0pt;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Operating Income before D&amp;A *</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">33</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">5</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">%</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">31</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">7</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">%</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="line-height:10.75pt;margin:0in -1.0pt .0001pt 2.0pt;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Operating Income *</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">12</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">6</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">%</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">10</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">3</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">%</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="line-height:10.75pt;margin:0in -1.0pt .0001pt 2.0pt;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Net Income*</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">3</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">3</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">%</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="center" style="line-height:10.75pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">8</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.05pt;position:relative;top:-.5pt;">.</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;letter-spacing:-.1pt;position:relative;top:-.5pt;">6</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;position:relative;top:-.5pt;">%</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:48.34%;">
<p style="line-height:10.75pt;margin:0in -1.0pt .0001pt 2.0pt;text-autospace:none;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">*As a percentage of Consolidated Revenues</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.66%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:17.2%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.9%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="5" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:100.0%;">
<p style="background:white;margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:9.0pt;">Note:   The average of ordinary shares outstanding considered amounted to and   2,153,688,011 as of FY18 and FY17</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;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">During FY18, Consolidated Revenues decreased by 2.5% to P$ 168,046 million (-P$ 4,308 million vs. FY17). This decrease is mainly due to the increase in Revenues in FY17, as a result of its restatement to the FY18 currency (whose variation as a consequence of the restatement amounts to approximately 38.5%), partially offset by the restatement of Revenues for FY18 (whose variation as a consequence of the restatement amounts to approximately 18.4%) and by the increase in Revenues of Internet Services and Fixed Telephony and Data Services.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Operating Income totaled P$21,257 million in FY18 (+P$3,542 million or +20.0% vs FY17).</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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_030224_3020"></a></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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 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>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.94%;">
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial"><img border="0" width="87" height="41" src="g61911bgi001.gif"></font></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>
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<p style="margin:0in 0in .0001pt;"><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;">Consolidated Operating Revenues</font></u></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:16.0pt;font-style:italic;">Mobile   Services</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of December&nbsp;31, 2018, mobile clients   amounted to 21.0 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In FY18, mobile services revenues   represented P$57,776 million (-8.7% vs. FY17). This variation was mainly due   to the higher effect of the restatement of revenues of FY17 vs. FY18,   partially offset by the increase in the ARPU.&nbsp;   The commercial strategy was focused on promoting the consumption of   mobile internet services through an update of the integrated offer of plans   suitable for all market segments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In turn, equipment revenues amounted to P$12,834   million (-P$2,274 million or -15.1% vs. FY17). This variation is mainly due   to the greater effect of the restatement of the revenues of FY17 vs. FY18, in   order to be expressed in homogeneous currency as of December&nbsp;31, 2018   and by a decrease in the quantities sold, partially offset by the increase in   prices of handset sales.</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img border="0" width="191" height="208" src="g61911bgi002.jpg"></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;font-style:italic;">Mobile Services in Argentina</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of December&nbsp;31, 2018, Personal   reached 18.3 million subscribers in Argentina, where postpaid clients   represented 39% of the subscriber base.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In FY18, mobile service revenues in   Argentina (excluding equipment sales) amounted to P$51,089 million (-6.2% vs.   FY17). Considering mobile revenues in current terms, mobile internet revenues   reached 62.1% of service revenues of Personal in Argentina (vs. 49.7% in   FY17).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">The average monthly revenue per   user (&#145;ARPU&#146;) of Personal in Argentina amounted to P$174.0 during FY18   (+22.3% vs. FY17).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of December&nbsp;31, 2018, Nextel IDEN   subscriber base reached approximately 0.3 million subscribers, where postpaid   clients represented 80% of the subscriber base and prepaid clients   represented the remaining 20%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;font-style:italic;">Commercial Initiatives</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">During the fourth quarter of 2018, the integration mobile service   brands began with the launch of a campaign to transport Nextel&#146;s customers to   Personal.&nbsp; This communication was   accompanied by the presentation of Personal&#146;s new Smart Radio service, which   includes the benefits of the most modern 3G/4G network in the market. Smart   Radio enables customers to communicate with all users who share the radio network,   including other providers besides Personal, through the use of robust   equipment or smartphones which are compatible with the application of the   service.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&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>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_025315_6804"></a></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In addition, the promotion of   the update of our clients&#146; devices with discounts and special financing   continued, and focusing on the convergence of products. In terms of new   releases, the entire portfolio of iPhone devices was incorporated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Regarding infrastructure, Personal continued to enhance the   mobile internet experience of its customers through the deployment of its 4G   and 4G+ network throughout Argentina, which currently covers more than 1,500   locations from La Quiaca to Ushuaia, and reaching more than 12.2 million   customers with 4G devices throughout the country. Accompanying these   improvements through a massive communication campaign, the 4G Personal   Network was promoted as the fastest in the country -based on the results of   international benchmarks that measure network standards through the worldwide   experience of customers-.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Likewise, <i>Club   Personal Convergente</i> was also presented to Fibertel and   Cablevisi&#243;n customers, which includes benefits with discounts on trips,   supermarkets, cinemas, shopping, and others to the entire client portfolio of   the different services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;font-style:italic;">Personal in Paraguay (&#145;N&#250;cleo&#146;)</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of December&nbsp;31, 2018, N&#250;cleo&#146;s subscriber   base reached around 2.4 million clients. Prepaid and postpaid customers   represented 83% and 17%, respectively.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">N&#250;cleo generated service revenues   equivalent to P$6,687 million during FY18 (+41.6% vs. FY17). Internet   revenues represented 45.3% of FY18 service revenues (vs. 44.5% in FY17).</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:16.0pt;font-style:italic;">Cable TV Services</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Cable TV service revenues reached   P$36,067 million in FY18 (-9.6% vs. FY17). This decrease was mainly explained   by the greater effect of the restatement of FY17 revenues vs. FY18, in order   to be expressed in homogeneous currency as of December&nbsp;31, 2018, which   was partially offset by the upselling of value added services combined with   price adjustments. Cable TV subscribers totaled almost 3.5 million, while the   Cable TV ARPU reached P$696.2 during FY18, rising +36.4% vs. FY17. Moreover,   average monthly churn during FY18 was 1.4%.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In the fourth quarter of 2018, Cablevisi&#243;n continued to add   featured titles to its on-demand content grid, being the most relevant the   co-production <i>Un Gallo para Esculapio (season II)</i>,   and <i>Morir de Amor</i>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In addition, the Company continued offering the possibility to   customers to enjoy different Cablevisi&#243;n Flow exceptional content without   consuming mobile data of their Personal plans, as were the cases of the friendly   matches of the Argentine National Soccer Team played after the World Cup, and   the <i>Copa Libertadores</i> final between Boca   and River and the Club World Cup 2018.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In the fourth quarter of 2018, Cablevisi&#243;n continued to migrate   its clients in Uruguay in the cities of Montevideo, Canelones and San Jos&#233; to   satellite technology, adding more high definition channels to its programming   to its offer and, in the near future, new value added services.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:16.0pt;font-style:italic;">Fixed Telephony and Data Services</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">During FY18, revenues generated by fixed   telephony and data reached P$23,149 million in FY18, +14.2% vs. FY17. The   increase in fixed telephony services was mainly explained by monthly fee   price increases that came into effect for both corporate and residential   fixed line customers, and additionally due to the bundled offer of packs that   include voice and internet services <i>(&#145;Arnet + Voz&#146;), </i>that   aim to achieve higher levels of customer loyalty.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As a result, the average monthly revenue   billed per user (&#145;ARBU&#146;) of fixed telephony reached P$219.3 in FY18, +44.0%   vs. FY17.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Meanwhile, Data revenues increase   (services mainly offered to Corporate customers, SMEs, Government and to   other operators) was mainly driven by FX rate variations that affected those   contracts that were adjusted by the $/US$&nbsp;exchange rate, in a context that   evidences the growing position of Telecom as an integrated ICT provider.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In this sense, FiberCorp, Personal and Telecom presented their   unified portfolio of products and services for companies in the province of   Tucum&#225;n, Argentina, promoting to current clients and prospects the benefits   of the integration of the corporate brands of Telecom Argentina, as well as   the latest trends in the world of technology.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In addition, and complementary to its innovation strategy in   Internet of Things, the Company launched a third device designed for pets:   Personal <i>Bipy Mascotas</i>, who joins family IoT   solutions already launched as <i>Bipy Adultos </i>and   <i>Bipy Ni&#241;os</i>. <i>Bipy   Mascotas</i> is an intelligent pet locator device connected to the   Personal 4G network. The device favors remote monitoring, provides useful   information of its profile and allows the connection via voice at a distance,   through a mobile application.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:16.0pt;font-style:italic;">Internet Services</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Internet services revenues totaled   P$37,742 million during FY18, +14.6% vs. FY17. As of December&nbsp;31, 2018,   total broadband accesses increased to more than 4.1 million (+1.2% vs. FY17).   Additionally, broadband ARPU amounted to P$623.4 per month in FY18 (+34.6%   vs. FY17). Moreover, the average monthly <i>churn</i> rate   for the period was 1.9%. On the other hand, clients with service of 20Mb or   higher currently represent 40% of the total customer base as of FY18.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;">Consolidated Operating Costs</font></u></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Consolidated Operating Costs (including   D&amp;A and impairment of PP&amp;E and intangible assets) totaled P$146,789   million in FY18, a decrease of P$7,850 million, or -5.1% vs. FY17. These   lower operating costs vs. FY17 are mainly associated with the higher effect   of the restatement of FY17 vs. FY18 operating costs, in order to be expressed   in constant </font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">currency as of December&nbsp;31, 2018,   which allowed an increase in Operating Income before D&amp;A and a margin   expansion. Moreover, this decrease in costs was partially offset by greater   costs of services contracted with suppliers, including higher programming and   content costs due the incorporation of broadcasting signals of football   matches, and an increase in the charge for bad debt expenses.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">The cost breakdown is as follows:</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<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>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Employee benefit expenses and severance   payments totaled P$30,048 million (-7.2% vs. FY17). The decrease was mainly   caused by a higher effect of restatement of employee benefit expenses and   severance payments for FY17 vs. FY18, in order to be expressed in homogeneous   currency as of December&nbsp;31, 2018, partially offset by increases in   salaries to unionized and non-unionized employees together with the   associated social security contributions. Finally, total employees at the end   of FY18 amounted to 25,343 (vs. 26,958 in FY17).</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Interconnection and transmission costs   (including TLRD, Roaming, international settlement charges and lease of   circuits) totaled P$5,525 million, -6.8% vs. FY17, decreasing mainly due to   the greater effect of the restatement of interconnection and transmission   costs for FY17 vs. FY18, in order to be expressed in current currency as of   December&nbsp;31, 2018, partially offset by higher TLRD costs and carriers&#146;   charges.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Fees for services, maintenance,   materials and supplies amounted to P$16,261 million (-10.4% vs. FY17). These   lower costs are mainly due to the greater effect of the restatement of the   fees for services, maintenance, materials and supplies of FY17 vs. FY18, in   order to be expressed in homogeneous currency as of December&nbsp;31, 2018,   which was partially offset by increases in fees for services, mostly related   to call centers and higher professional fees generated by a greater level of   activity driven mainly by new Company projects and by services linked to   operational management in general. There were also higher technical   maintenance costs and higher hardware and software maintenance costs due to   price increases, the US$&nbsp;FX fluctuations and the higher level of activity.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Taxes and fees with regulatory   authorities reached P$13,609 million (-8.0% vs. FY17). This decrease   corresponds mainly to the greater effect of the restatement of taxes and fees   with the regulatory authority of FY17 vs. FY18, in order to be expressed in   homogeneous currency as of December&nbsp;31, 2018, partially offset by the   increase in revenues, at nominal value.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Commissions and advertising   (Commissions paid to agents, prepaid card distribution commissions and   others) totaled P$11,210 million (-3.4% vs. FY17). This decline is due to the   higher effect of the restatement of Commissions and advertising of FY17 vs.   FY18, in order to be expressed in homogeneous currency as of   December&nbsp;31, partially offset by higher fees paid in favor of commercial   channels and collection fees.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Cost of handsets sold amounted to   P$9,667 million (-18.0% vs. FY17). The majority of this amount can be   associated to handset sales in Argentina, which decreased vs. FY17 due to the   greater effect of restating the cost of equipment and handsets sold in FY17   vs. FY18 and due to the decrease in the quantities sold, partially offset by   higher average costs per unit in FY18.</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="211" height="206" src="g61911bgi007.jpg"></font></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;">
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<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<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>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="PB_6_031124_5796"></a></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.06%;">
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.94%;">
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial"><img border="0" width="87" height="41" src="g61911bii001.gif"></font></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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">-   Programming and content costs totaled P$12,156 million (+15.0% vs. FY17), increasing   largely due to the incorporation of the cost of signals to broadcast live   football matches of the first division of the Argentine Football Association,   price increases and fluctuation of the P$/US$&nbsp;exchange rate.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">-   Depreciation, amortization and impairment of PP&amp;E and intangible assets   amounted P$35,111 million (-4.8% vs. FY17). This reduction is explained   mainly by a greater effect of the restatement of the depreciation,   amortization and impairment of PP&amp;E and intangible assets of FY17 vs.   FY18, in order to be expressed in homogeneous currency as of   December&nbsp;31, 2018. It is important to highlight the recognition of the   impairment allowance of the <i>Arnet</i>   trademark for P$&nbsp;1,623 million, because this trademark will no longer be   used.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Other   Costs totaled P$13,202 million (+5.1% vs. FY17), of which bad debt expenses   reached P$3,527 million (+28.6% vs. FY17), and whose increase is mainly due   to the impact generated by the application as of the FY18 of IFRS 9,   partially offset by as lower other operating costs that totaled P$9,675   million (-1.5% vs. FY17).</font></p>    </td>
<td width="31%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="31%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="69%" rowspan="24" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;">Net   Financial Results</font></u></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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">The Net   Financial Results (including Financial Expenses on Debt and Other Financial   Results, net) showed a loss of P$18,795 million in FY18, compared with a gain   of P$3,886 million in FY17. The result was mainly due to an increase in   financial expenses on debt of P$30,780 million, mostly due to the strong   depreciation of the peso during the FY18 and greater interest expenses   generated by an increase of the net financial debt, followed by a decrease in   other financial results, net (excluding <i>RECPAM</i>) of   P$3,382 million vs. FY17 (reaching P$1,774 million in FY18). The   aforementioned lower results were partially offset by a greater <i>RECPAM</i> (inflation adjustment gain / loss) which amounted   to P$13,403 million (generating greater earnings of P$11,481 million vs.   FY17).</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;"><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;">Consolidated Net Financial Debt</font></u></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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of   December&nbsp;31, 2018, net financial debt position (cash, cash equivalents   plus financial investments and financial NDF minus loans) totaled P$65,628   million, increasing when compared to the consolidated net financial debt   position as of December&nbsp;31, 2017 (calculated as the sum of consolidated   net financial debt positions of Telecom Argentina and Cablevisi&#243;n, which was   P$9,580 million).</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#002060" style="background:#002060;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.0pt;font-weight:bold;">in million of P$</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#002060" style="background:#002060;padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#002060" style="background:#002060;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.0pt;font-weight:bold;">FY17</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#002060" style="background:#002060;padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#002060" style="background:#002060;padding:0in 0in 0in 0in;width:5.8%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.0pt;font-weight:bold;">FY18</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#002060" style="background:#002060;padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#002060" style="background:#002060;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:6.0pt;font-weight:bold;">$&nbsp;Var</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Financial   expenses on debt</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-$&nbsp;3,192</font></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-$&nbsp;33,972</font></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-$&nbsp;30,780</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><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:10.66%;">
<p style="margin:1.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Other   financial results, net (excluding <i>RECPAM</i>)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">$&nbsp;5,156</font></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">$&nbsp;1,774</font></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-$&nbsp;3,382</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 1.45pt;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">RECPAM </font></i><font size="1" face="Arial" style="font-size:6.0pt;">(Inflation Adj. Gain   / Loss)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">$&nbsp;1,922</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:5.8%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">$&nbsp;13,403</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">$&nbsp;11,481</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:1.0pt 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">$&nbsp;3,886</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.8%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-$&nbsp;18,795</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.78%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-$&nbsp;22,681</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.8%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="0%" style="padding:0in 0in 0in 0in;width:.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="4%" style="padding:0in 0in 0in 0in;width:4.78%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt .15in;text-align:center;"><font size="1" color="#4576d5" face="Arial" style="color:#4576D5;font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;">Capital   Expenditures</font></u></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">During FY18,   the Company invested P$42,480 million, increasing approximately 6.4% from the   sum of the parts of Telecom Argentina&#146;s and Cablevisi&#243;n&#146;s CAPEX as of FY17.   The aforementioned investments amounted to P$35,674 million in current terms   during FY18, increasing by 56.3% vs. FY17. The investments were focused on   projects that maximize the network capacity and on the development of   products and services that contribute to address the customer&#146;s needs that   today demand for connectivity and data availability. Moreover, transmision   and transport networks has been extended to unify the differents </font></p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="PB_7_025906_5910"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">access   technologies, reconverting the copper fixed networks into fiber or   coaxial-fiber hybrid networks, in order to face the the increaseing services   demand from mobile and fixed clients.&nbsp;   Likewise, significant investments have been made in the charging,   billing and relationship systems with customers. The Company aims to improve   the capacity and coverage of its networks, which is key factor for the   transformation towards convergent services with international quality   standards, but also to leverage the content business, with Flow as an   integral content platform and entertainment center, whose competitive   advantages and differential features place it above other platforms. In   relative terms, CAPEX reached 25.3% of consolidated revenues in FY18 (vs.   23.2% in FY17), while in current terms they reached 25.8% of revenues.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">These commercial initiatives and improvements in infrastructure   through sustained investment impacted on the quality of service standards and   were reflected in the rise of the Net Promoter Score (NPS) indicators of   recommendation of Personal as a favorite mobile services brand. In addition,   they resulted in more users from other service companies choosing Personal,   leading the industry-level mobile number portability during the last quarter.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In the last quarter of 2018, the Company announced investments in   the Buenos Aires Atlantic Coast to expand the access network, and improve the   speed and capacity of mobile connections. The investment plan foresees the   construction of 30 new sites; in addition to the fiber optic deployment that   increases the capacity of the 4G data network. This agreement was added to   other similar celebrated during the year with the Municipalities of the   cities of Rosario (province of Santa Fe), the province of Jujuy, and the   municipalities of the cities of Ezeiza and Lomas de Zamora (in the Buenos   Aires Metropolitan Area).</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.04%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;">Breakdown of   the comparative figures restated by inflation</font></u></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="69%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:69.04%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" bgcolor="#052158" style="background:#052158;border:none;border-right:solid white 1.0pt;padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 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="3" valign="top" bgcolor="#052158" style="background:#052158;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:26.18%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">FY18</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#052158" style="background:#052158;border-bottom:solid white 1.0pt;border-left:none;border-right:solid white 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">FY17</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Times New Roman" style="color:white;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#052158" style="background:#052158;border:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" valign="top" bgcolor="#052158" style="background:#052158;padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" bgcolor="#052158" style="background:#052158;border:none;border-right:solid white 1.0pt;padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" bgcolor="#052158" style="background:#052158;border:none;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">IAS 29</font></b></p>    </td>
<td width="9%" bgcolor="#052158" style="background:#052158;border:none;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Adjustment</font></b></p>    </td>
<td width="8%" bgcolor="#052158" style="background:#052158;border-bottom:none;border-left:none;border-right:solid white 1.0pt;border-top:solid white 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Proforma<br>   (ex IAS 29)</font></b></p>    </td>
<td width="8%" bgcolor="#052158" style="background:#052158;border:none;border-right:solid white 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;">Proforma<br>   Adjusted</font></b></p>    </td>
<td width="7%" valign="top" bgcolor="#052158" style="background:#052158;border:none;padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:2.0pt 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" color="white" face="Wingdings 3" style="color:white;font-size:8.0pt;font-weight:bold;">r</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;"> $</font></b></p>    </td>
<td width="6%" valign="top" bgcolor="#052158" style="background:#052158;padding:0in 0in 0in 0in;width:6.96%;">
<p align="right" style="margin:2.0pt 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="white" face="Wingdings 3" style="color:white;font-size:8.0pt;font-weight:bold;">r</font></b><b><font size="1" color="white" face="Arial" style="color:white;font-size:8.0pt;font-weight:bold;"> %</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:2.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;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="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">30,886</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">137,160</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">172,354</font></b></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,308)</font></b></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-2.5%</font></b></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Consolidated   Operating Costs</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(146,789)</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(33,834)</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(112,955)</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(154,639)</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,850</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-5.1%</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;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="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,948)</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">24,205</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">17,715</font></b></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,542</font></b></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">20.0%</font></b></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net   Financial results and results of equity in earnings from associates</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(18,559)</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">22,198</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(40,757)</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,239</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(22,798)</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net (loss) income before income tax expense</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;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="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">19,250</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(16,552)</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">21,954</font></b></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(19,256)</font></b></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-87.7%</font></b></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income   tax expense</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,838</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,132)</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,970</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,210)</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,048</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-139.4%</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net (loss) income</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;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="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">16,118</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(10,582)</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,744</font></b></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(9,208)</font></b></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-62.5%</font></b></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Attributable   to:</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 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:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Controlling   Company</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,294</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">15,978</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,684)</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">14,544</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,250)</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">-63.6%</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling   interest</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">242</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">140</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">102</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">200</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">42</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">21.0%</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating income before D&amp;A</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">56,368</font></b></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,994</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">46,374</font></b></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">54,598</font></b></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,770</font></b></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3.2%</font></b></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.58%;">
<p style="margin:3.0pt 0in .0001pt 1.45pt;"><font size="1" face="Arial" style="font-size:8.0pt;">As   % of Revenues</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33.5%</font></p>    </td>
<td width="9%" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33.8%</font></p>    </td>
<td width="8%" style="padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:3.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">31.7%</font></p>    </td>
<td width="7%" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:3.0pt 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" style="padding:0in 0in 0in 0in;width:6.96%;">
<p align="center" style="margin:3.0pt 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:30.96%;">
<p style="margin:3.0pt 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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 style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="PB_8_030049_7056"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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 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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.06%;">
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.94%;">
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial"><img border="0" width="87" height="41" src="g61911bii001.gif"></font></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;">
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">During FY18 consolidated total revenues decreased 2.5% (-P$4,308   million vs. FY17) amounting to P$168,046 million. The inflationary effect   contained in revenues amounts approximately to P$30,886 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;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Operating income before depreciation and amortization reached   P$56,368 million in FY18 (+ P$1,770 million or +3.2% vs. FY17), representing   33.5% of consolidated revenues (vs. 31.7% in FY17). The inflationary effect   contained in operating income before D&amp;A amounts approximately to P$9,994   million.</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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Operating income amounted to P$21,257 million in FY18 (+P$3,542   million or +20.0% vs. FY17). The inflationary effect contained in operating   income amounts approximately to -P$2,948 million, mainly due to a greater   restatement of D&amp;A and impairment of PP&amp;E and intangible assets.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Net Financial results and results of equity in earnings from   associates resulted in a net loss of P$18,559 million in FY18, representing a   higher loss of P$22,798 million vs. FY17. The inflationary effect contained   in net financial results and results of equity in earnings from associates   amounts approximately to P$22,198 million, mainly due to a positive effect   from the exposure to inflation.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Telecom Argentina recorded a net income of P$5,536 million in   FY18, which means a decrease of P$9,250 million in relation to the net income   of P$14,744 million in FY17. The inflationary effect over net income   generated a positive impact of approximately P$16,118 million.</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;font-weight:bold;">Relevant Matters</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Loan with Deustche Bank AG, London   Branch</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">On November&nbsp;8, 2018, Telecom   Argentina took due notice of the acceptance of a loan offer by Deutsche Bank   AG, London Branch, as organizer of syndicate of entities, for an amount up to   US$&nbsp;200 million (which could be increased to US$&nbsp;300 million). The loan has a   term of 42 months from the date of the initial disbursement and will accrue   compensatory interest at an initial rate per annum equivalent to LIBOR + 4.5%   that will be payable quarterly in arrears. The capital will be payable in 6   consecutive semi-annual equal installments equivalent to 12.5% of the amount   of paid-up capital with a final payment on the due date equivalent to 25% of   the initial disbursement. The proceeds from the loan were used by the Company   only to cancel partially the Syndicated Loan agreement celebrated on   February&nbsp;2, 2018 for US$&nbsp;1,000 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;"><u><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Incorporation of a new lender for US$&nbsp;100 million to the Deutsche Bank loan</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">On November&nbsp;14, 2018, in accordance   with the provisions of the loan agreement signed on November&nbsp;8 between   Telecom Argentina and Deutsche Bank AG, London Branch, as organizer of a   syndicate of entities, (&#147;the Loan&#148;), today a new lender was incorporated to   the Loan for an amount up to US$&nbsp;100 million, subject to the same terms and   conditions of the Loan that were duly informed.</font></p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="PB_9_030245_5796"></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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;font-weight:bold;">Other Relevant   Matters</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;"><u><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Cancellation of the syndicated loan   agreement celebrated in February&nbsp;2018 for US$&nbsp;1,000 million</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In October&nbsp;2018, the Company had   prepaid US$&nbsp;500 million outstanding under the syndicated loan agreement   entered into on February&nbsp;2, 2018 for US$&nbsp;1,000 million (the &#147;Original   Loan&#148;), through funds obtained under the of the syndicated loan agreement   signed on October&nbsp;8, 2018, and US$&nbsp;100 million with own funds, as a   mandatory pre-cancellation condition agreed upon in the terms of the Original   Loan. Moreover, in November&nbsp;2018, the funds obtained from the loan with   Deutsche Bank for US$&nbsp;300 million were used to prepay the Original Loan.   Finally, on February&nbsp;11, 2019 Telecom Argentina canceled the final   amount outstanding under the Original Loan for US$&nbsp;100 million 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;text-align:justify;"><u><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Loan agreement with the International   Finance Corporation (IFC)</font></u></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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">On&nbsp;   March&nbsp;4, 2019, Telecom Argentina entered into a loan agreement   with the International Finance Corporation (&#147;IFC&#148;), for a total amount of up   to US$&nbsp;450 million, as requested by the Company in one or more disbursements   (the &#147;Loan&#148;). The proceeds from the loan will be used by the Company 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;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">The Loan will consist of a tranche   &#147;A&#148; (&#147;Tranche A&#148;), tranche &#147;B-1&#148; (&#147;Tranche B-1&#148;), tranche &#147;B-2&#148; (&#147;Tranche   B-2&#148;), tranche &#147;B-3&#148; (&#147;Tranche B-3&#148;) and tranche &#147;B-4&#148; (&#147;Tranche B-4&#148;). In   addition, the amounts disbursed under the Loan will mature in   August&nbsp;2023, in the case of Tranche B-1 and Tranche B-3, or in   August&nbsp;2024, in the case of Tranche A, Tranche B-2 and Tranche B-4.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Finally, the aforementioned financing   was approved by the Company&#146;s Board of Directors during its meeting held on   March&nbsp;1, 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;"><u><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Destination of Retained Earnings</font></u></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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Regarding the destination of the   Retained Earnings, according to Section&nbsp;27, Chapter II of Title II of   the CNV Rules, (N.T 2013), Shareholders&#146; Meetings of Companies that exhibit   cumulative positive results in their annual financial statements not subject   to restrictions for its distribution, should adopt an express resolution   regarding its allocation to either one or a combination of the following:   cash dividend distribution, share capitalization or creation of reserves,   where it should be specifically foreseen in the Agenda of the Shareholders&#146;   Meeting that deals with the treatment of the distributable earnings.</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In relation of the aforementioned,   the Board of Directors proposes:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">In Pesos</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">Retained Earnings as of December&nbsp;31, 2018</font></b></p>    </td>
<td width="23%" valign="top" bgcolor="#1F497D" style="background:#1F497D;border:none;border-right:solid windowtext 1.0pt;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:23.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">26,918,365,656</font></b></p>    </td>   </tr>
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<td width="76%" valign="top" bgcolor="#1F497D" style="background:#1F497D;border:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:76.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" bgcolor="#1F497D" style="background:#1F497D;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">To Legal Reserve </font></p>    </td>
<td width="23%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:23.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(265,906,251)</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:76.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">To Cash Dividends</font></p>    </td>
<td width="23%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:23.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,300,000,000)</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:76.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">To Facultative reserve for future cash dividends</font></p>    </td>
<td width="23%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:23.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,300,000,000)</font></p>    </td>   </tr>
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<td width="76%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:76.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">To Facultative reserve to maintain the level of investments in capital   assets and the current level of solvency of the Company</font></p>    </td>
<td width="23%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:23.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(14,052,459,405)</font></p>    </td>   </tr>
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<td width="76%" valign="top" bgcolor="#1F497D" style="background:#1F497D;border:solid windowtext 1.0pt;border-top:none;padding:2.0pt 2.0pt 2.0pt 2.0pt;width:76.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">To New Fiscal Year</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">---------</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;">10<a name="PB_10_035235_7056"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;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   re-expression method for the financial statements in homogenous currency is   applicable for issuer companies, as established by the International   Accounting Standard No.&nbsp;29 (IAS 29).</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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Regarding the distribution of   earnings, the aforementioned CNV General Resolution No.&nbsp;777/2018,   established that <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; </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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Therefore, it should be noted that   this proposal of distribution of earnings corresponds to figures in constant   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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;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   P$&nbsp;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 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" color="#a6a6a6" face="Arial" style="color:#A6A6A6;font-size:11.0pt;font-weight:bold;">*******</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="PB_11_035235_5335"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;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" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.94%;">
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial"><img border="0" width="87" height="41" src="g61911bmi001.gif"></font></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;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">Telecom Argentina is the parent company of a leading telecommunications group in Argentina, where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission, and pay TV and Internet services, among other services. Additionally, Telecom Argentina offers cellular services in Paraguay and pay TV services in Uruguay. The Company commenced operations on November&nbsp;8, 1990, upon the Argentine government&#146;s transfer of the telecommunications system in the northern region of Argentina.</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;">
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<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img border="0" width="254" height="206" src="g61911bmi002.jpg"></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">As   of March&nbsp;7, 2019, Telecom Argentina has 2,168,909,384 shares issued and   2,153,688,011 shares outstanding.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><i><font size="1" face="Arial" style="font-size:5.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;">Cablevisi&#243;n Holding S.A.   owns 18.75% of total capital stock directly and owns 20.06% of total capital   stock indirectly through VLG Argentina S.A.U.</font></i></p>    </td>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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 212.65pt;text-indent:-212.65pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">For more information, please contact Investor Relations:</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="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Solange Barthe Dennin</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Luis F. Rial Ubago</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Nahuel Monsalvo</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5411) 4968 3752</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5411) 4968 3718</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5411) 4698 4448</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></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;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">Voice</font><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;"> Mail: (5411) 4968 3628</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">Fax: (5411) 4968 3616</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">E-mail: </font><u><font size="1" color="blue" face="Arial" style="color:blue;font-size:8.0pt;">relinver@teco.com.ar</font></u></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="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">For information about Telecom Argentina&#146;s services, visit:</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;"><u><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">www.telecom.com.ar</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">www.personal.com.ar</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">www.personal.com.py</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">www.arnet.com.ar</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">www.cablevisionfibertel.com.ar</font></u></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;"><u><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">Disclaimer</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">This document may contain statements that could constitute forward-looking statements, including, but not limited to, the Company&#146;s expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; the effects of its debt restructuring process; the impact of emergency laws enacted by the Argentine Government; and the impact of rate changes and competition on the Company&#146;s future financial performance. Forward-looking statements may be identified by words such as &#145;believes,&#146; &#145;expects,&#146; &#145;anticipates,&#146; &#145;projects,&#146; &#145;intends,&#146; &#145;should,&#146; &#145;seeks,&#146; &#145;estimates,&#146; &#145;future&#146; or other similar expressions. Forward-looking statements involve risks and uncertainties that could significantly affect the Company&#146;s expected results. The risks and uncertainties include, but are not limited to, the impact of emergency laws enacted by the Argentine government that have resulted in the repeal of Argentina&#146;s Convertibility law, devaluation of the peso, various changes in restrictions on the ability to exchange pesos into foreign currencies,&#160; and currency transfer policy generally, the &#145;pesification&#146; of tariffs charged for public services, the elimination of indexes to adjust rates charged for public services and the Executive branch announcement to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to extensive changes in laws and economic and business conditions in Argentina, it is difficult to predict the impact of these changes on the Company&#146;s financial condition. Other factors may include, but are not limited to, the evolution of the economy in Argentina, growing inflationary pressure and evolution in consumer spending and the outcome of certain legal proceedings. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. The Company undertakes no obligation to release publicly the results of any revisions to forward-looking statements which may be made to reflect events and circumstances after </font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">&nbsp;</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="PB_12_033522_5335"></a></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">&nbsp;</font></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"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.94%;">
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial"><img border="0" width="87" height="41" src="g61911bmi001.gif"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">the date of this press release, including, without limitation, changes in the Company&#146;s business or to reflect the occurrence of unanticipated events. Readers are encouraged to consult the Company&#146;s Annual Report on Form&nbsp;20-F, as well as periodic filings made on Form&nbsp;6-K, which are filed with or furnished to the United States Securities and Exchange Commission for further information concerning risks and uncertainties faced by Telecom.</font></p>
<p style="margin: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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">(Financial tables follow)</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">*******</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>
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<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>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">13<a name="PB_13_033522_5796"></a></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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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<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"><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>
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<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.94%;">
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><font size="2" face="Arial"><img border="0" width="87" height="41" src="g61911bmi001.gif"></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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">TELECOM ARGENTINA S.A.</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated information</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">Annual period - Fiscal Year 2018</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(In million of Argentine pesos)</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-indent:-.25in;"><b><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:8.0pt;font-weight:bold;">1-</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-weight:bold;">Consolidated Balance Sheet (as reported in the FFSS)</font></u></b></p>
<p style="background:white;margin:5.0pt 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-style:italic;font-weight:bold;">(Restated by inflation, comparative with Cablevisi</font></i></b><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-style:italic;font-weight:bold;">&#243;</font></i></b><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-style:italic;font-weight:bold;">n&#146;s consolidated financial statements)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p style="background:white;margin:0in 0in .0001pt 28.55pt;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cash and cash equivalents</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,891</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,517</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial Investments</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,121</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">162</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade receivables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">17,415</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,588</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other Receivables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,323</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,223</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Inventories</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,737</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">136</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total current assets</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">33,487</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">10,626</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial Investments</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,672</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade receivables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">61</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Goodwill</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">120,449</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">31,954</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Property, plant and equipment (&#145;PP&amp;E&#146;)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">150,476</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">45,701</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Intangible assets</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">59,870</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,635</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other Receivables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,723</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,154</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total non-current assets</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">338,251</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">83,444</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL ASSETS</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">371,738</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">94,070</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade payables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">22,854</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,737</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial debt</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">20,044</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,383</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries &nbsp;and   social&nbsp; security payables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,947</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,585</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Taxes&nbsp; payables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,319</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,743</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Dividend Payable</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,021</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other liabilities</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,537</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">152</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provisions</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">744</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total current liabilities</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">53,445</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">18,621</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Trade payables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">570</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Financial debt</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">59,268</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">14,626</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries&nbsp; and   social&nbsp; security payables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">347</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Deferred income tax liabilities</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">24,542</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,982</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Taxes&nbsp; payables</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">26</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other liabilities</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,159</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">198</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Provisions</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,468</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,611</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total non-current   liabilities</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">89,380</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">20,421</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL LIABILITIES</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">142,825</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">39,042</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;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="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;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="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Equity attributable to Controlling Company</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">225,686</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">54,182</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Non-controlling interest</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,227</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">846</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL EQUITY</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">228,913</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">55,028</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">TOTAL LIABILITIES AND EQUITY</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">371,738</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">94,070</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</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 .25in;text-indent:-.25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-weight:bold;">2-</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-weight:bold;">Consolidated Loans (as reported in the FFSS)</font></u></b></p>
<p style="background:white;margin:5.0pt 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-style:italic;font-weight:bold;">(Monetary items, comparative with the consolidated financial statements of Cablevisi</font></i></b><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-style:italic;font-weight:bold;">&#243;</font></i></b><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:8.0pt;font-style:italic;font-weight:bold;">n)</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="83%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank overdrafts - principal</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 12.25pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,276</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank and other financial&nbsp;   institutions loans - principal</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 8.4pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">12,945</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">77</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">NDF</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 18.25pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">100</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Accrued interest and related expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 12.25pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,675</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">43</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">For purchase of equipment</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 12.25pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,048</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,257</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Companies under Section&nbsp;33 - Law 19,550 and related   parties</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 27.6pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Current Loans</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 8.4pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">20,044</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,383</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">For purchase of equipment</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 12.25pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,031</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">686</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Notes - principal</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 8.4pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">18,831</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,767</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Bank and other financial institutions loans - principal</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 8.4pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">34,260</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">210</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Accrued interest and related expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 12.25pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,146</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(37)</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Non Current Loans</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 8.4pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">59,268</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14,626</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total Loans</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 8.4pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">79,312</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">16,009</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 8.4pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Cash and cash equivalents, and Financial Investments</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 8.4pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,684</font></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,679</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:1.45pt 0in 0in 0in;width:64.08%;">
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net Financial Position -   Cash (Debt)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:2.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" 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:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 3.1pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(65,628)</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 0in 0in;width:14.4%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(9,330)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 0in 0in;width:1.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="PB_14_033522_2897"></a></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</font></b></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"><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>
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<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><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-style:italic;font-weight:bold;">TELECOM ARGENTINA S.A.</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">Consolidated information</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-style:italic;font-weight:bold;">Annual period - Fiscal Year 2018</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">(In million of Argentine pesos)</font></b></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:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:7.0pt;font-weight:bold;">3-</font></b></p>    </td>
<td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.62%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:7.0pt;font-weight:bold;">Effect of Business Combination - over Assets,   Liabilities, Equity and Income</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<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="bottom" style="padding:0in 0in 0in 0in;width:13.32%;">
<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>   </tr>
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Times New Roman" style="color:#3265FF;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3265ff" face="Times New Roman" style="color:#3265FF;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.62%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:7.0pt;font-style:italic;font-weight:bold;">(This table aims to explain   the Merger registration and the allocation of a greater asigned value)</font></i></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<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="bottom" style="padding:0in 0in 0in 0in;width:13.32%;">
<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>   </tr>  </table>
<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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><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:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">Telecom</font></b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;"><br>    <b>(Accounting</b><br>    <b>acquiree)</b></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">Retained</font></b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;"><br>    <b>earnings</b><br>    <b>adjustments</b></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></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><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">Business<br>   Combination<br>   effect IFRS 3</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></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><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">Total</font></b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;"><br>    <b>indentifiable</b><br>    <b>consolidated</b><br>    <b>net assets,</b></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></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><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">Total</font></b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;"><br>    <b>consolidated</b><br>    <b>indentifiable</b><br>    <b>net assets,</b></font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.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>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">(1)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">(2)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">(3)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">inc. as of<br>   01.01.2018</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">constant<br>   currency</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:.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>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">ASSETS</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Cash and cash equivalents</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">2,831</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">2,831</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">4,180</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Trade receivables</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">8,636</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">157</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(656)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(4)&nbsp;&nbsp; 8,137</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">12,013</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Other current assets</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">6,771</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">32</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(4)&nbsp;&nbsp; 6,803</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">10,044</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Total current assets</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">18,238</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">157</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">(624)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">17,771</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">26,237</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">NON CURRENT ASSETS</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Deferred income tax assets</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">626</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(624)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">2</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">3</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Investments</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">2,657</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">3</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">2,660</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">3,927</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Goodwill</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">2</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">59,653</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">59,655</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">88,072</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Property, plant and equipment (&#145;PP&amp;E&#146;)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">28,538</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">34,209</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(4) 62,747</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">92,637</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Intangible assets</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">7,096</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(85)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">33,175</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">40,186</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">59,329</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Other non current assets</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">431</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">125</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(125)</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(4) 431</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">636</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Total non currents assets</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">39,350</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">40</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">126,291</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">165,681</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">244,604</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Total assets</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">57,588</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">197</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">125,667</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">183,452</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">270,841</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">LIABILITIES</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Total current liabilities</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">21,987</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">21,994</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">32,470</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">NON CURRENT LIABILITIES</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Deferred income tax liabilities</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">48</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">83</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">16,610</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">16,741</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">24,716</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Other non current liabilities</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">11,674</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">18</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">11,692</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">17,262</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Total non current liabilities</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">11,722</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">83</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">16,628</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">28,433</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">41,978</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Total Liabilities</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">33,709</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">83</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">16,635</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">50,427</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">74,448</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">EQUITY</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Capital Stock - Outstanding Shares</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">969</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(15)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">954</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">954</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Inflation Adjustment &#150; Outstanding Shares</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">2,646</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">2,646</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">39,559</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Capital Stock - Treasury Shares</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">15</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">15</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">15</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Inflation Adjustment &#150; Treasury Shares</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">42</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">42</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">152</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Treasury shares acquisition cost</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(461)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(461)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(1,795)</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Merger Premium</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">109,469</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">109,469</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">127,343</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Legal reserve</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">734</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">734</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">1,819</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Special reserve for IFRS implementation</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">351</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">351</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">869</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Voluntary reserve for investments in capital stock</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">461</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">461</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">3,300</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Reserve for future cash dividend payments</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">9,730</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">9,730</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">22,414</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Other comprehensive income</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">972</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(972)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Cost of equity interest increase in controlled companies</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(3)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">3</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Retained earnings</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">7,630</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">128</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">7,758</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(195)</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Equity attributable to Telecom Argentina</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">23,086</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">128</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">108,485</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">131,699</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">194,435</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Equity attributable to non-controlling interest</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">793</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">(14)</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">547</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">1,326</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">1,958</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.5pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">TOTAL EQUITY</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">23,879</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">114</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">109,032</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">133,025</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">196,393</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.18%;">
<p style="margin:2.0pt 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">TOTAL LIABILITIES AND EQUITY</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">57,588</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">197</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">125,667</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">183,452</font></b></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">270,841</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></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="1" face="Arial" style="background:white;font-size:7.0pt;">(1)&nbsp;According to the consolidated financial statements of Telecom as of December&nbsp;31, 2017, approved by the Board of Directors of the Company on March&nbsp;7, 2018. P$2MM of Tuves Paraguay&#146;s goodwill was reclassified from intangible assets to goodwill.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="background:white;font-size:7.0pt;">(2)&nbsp;Adjustment to results of previous fiscal years corresponding to initial balances of Telecom Argentina prior to the merger in application of IFRS 9 and IFRS 15 as of fiscal year 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="background:white;font-size:7.0pt;">(3)&nbsp;Adjustments to the book value of the net assets of Telecom to fair value in accordance with IFRS 3.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="background:white;font-size:7.0pt;">(4)&nbsp;Fair value estimations are net of provisions for P$1,677 million, which are deducted from assets.</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="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:7.0pt;font-weight:bold;">Impact of greater asigned value over   consolidated income statements</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">FY ended as of</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">Dec 31, 2018</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Revenues</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(30)</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Operating   costs before D&amp;A</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(187)</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Operating   income before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">(217)</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Depreciation, amortization (&#145;D&amp;A&#146;) and impairment of   PP&amp;E and intangible assets</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">(11,414)</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">(11,631)</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Net   financial results</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Net   (loss) income before income tax expense</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">(11,596)</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">Income tax expense</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;">3,479</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">Net   (loss) Income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid #818181 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:7.0pt;font-weight:bold;">(8,117)</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Attributable to Telecom Argentina   (Controlling Company)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(8,044)</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.4%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Attributable to non-controlling   shareholders</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.28%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.32%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(73)</font></p>    </td>   </tr>  </table>
<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="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="PB_15_032319_7056"></a></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="#818181" face="Arial" style="color:#818181;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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>
<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;"><font size="1" face="Arial" style="font-size:9.0pt;">&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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="99" height="53" src="g61911boi001.jpg"></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><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-style:italic;font-weight:bold;">TELECOM ARGENTINA S.A.</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">Consolidated information</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-style:italic;font-weight:bold;">Annual period - Fiscal Year 2018</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">(In million of Argentine pesos)</font></b></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:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;">
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">4-</font></b></p>    </td>
<td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.62%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">Consolidated   Income Statements - Pro Forma restated by inflation (constant figures) </font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<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="bottom" style="padding:0in 0in 0in 0in;width:13.32%;">
<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>   </tr>
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Times New Roman" style="color:#3265FF;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3265ff" face="Times New Roman" style="color:#3265FF;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.62%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Allows the understanding of the   variations of the Income Statement in real terms)</font></i></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<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="bottom" style="padding:0in 0in 0in 0in;width:13.32%;">
<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>   </tr>  </table>
<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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&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="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-weight:bold;">&#8710; $</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-weight:bold;">&#8710; %</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;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="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;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="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;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="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;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="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Revenues</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="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">168,046</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="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">172,354</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="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">(4,308)</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="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">-2.5%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Consolidated   Operating Costs</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(146,789)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(154,639)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">7,850</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">-5.1%</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">21,257</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">17,715</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">3,542</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">20.0%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Net   Financial results and results of equity in earnings from associates</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(18,559)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">4,239</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(22,798)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Net   (loss) income before income tax expense</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">2,698</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">21,954</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">(19,256)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">-87.7%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Income   tax expense</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">2,838</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(7,210)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">10,048</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">-139.4%</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Net   (loss) income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">5,536</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">14,744</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">(9,208)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">-62.5%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;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:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;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:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;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:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;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:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Attributable   to:</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Controlling   Company</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">5,294</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">14,544</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(9,250)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">-63.6%</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Non-controlling   interest</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">242</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">200</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">42</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">21.0%</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Operating   income before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">56,368</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">54,598</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">1,770</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">3.2%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">As   % of Revenues</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">33.5%</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">31.7%</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<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="90%" style="border-collapse:collapse;">
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">5-</font></b></p>    </td>
<td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.62%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">Consolidated   Income Statements - Pro Forma (current figures)</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<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="bottom" style="padding:0in 0in 0in 0in;width:13.32%;">
<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>   </tr>
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Times New Roman" style="color:#3265FF;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3265ff" face="Times New Roman" style="color:#3265FF;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="96%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:96.32%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Allows the understanding of the   variations of the Income Statement accounting for historical values)</font></i></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;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Consolidated Income Statements - Pro Forma (current figures)</u></font></b></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 16.3pt;"><b><i><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">(Allows the understanding of the variations of the Income Statement accounting for historical values)</font></i></b></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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&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="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-weight:bold;">&#8710; $</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-weight:bold;">&#8710; %</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&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="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">&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="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">&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="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">&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="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">137,160</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">105,915</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">31,245</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">29.5%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Consolidated   Operating Costs</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(112,955)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(86,357)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(26,598)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">30.8%</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">24,205</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">19,558</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">4,647</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">23.8%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Net   Financial results and results of equity in earnings from associates</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(40,757)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(3,528)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(37,229)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Net   (loss) income before income tax expense</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">(16,552)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">16,030</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">(32,582)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Income   tax expense</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">5,970</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(5,238)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">11,208</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Net   (loss) income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">(10,582)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">10,792</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">(21,374)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">-198.1%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;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:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;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:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;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:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;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:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Attributable   to:</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Controlling   Company</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(10,684)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">10,666</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(21,350)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">-</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">Non-controlling   interest</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">102</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">126</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">(24)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">-19.0%</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt 5.75pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">Operating   income before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">46,374</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">35,131</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">11,243</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;font-weight:bold;">32.0%</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.66%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">As   % of Revenues</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">33.8%</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Arial" style="color:#818181;font-size:9.0pt;">33.2%</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><font size="1" color="#818181" face="Times New Roman" style="color:#818181;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;"><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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="105" height="66" src="g61911bqi001.jpg"></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;text-autospace:none;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">TELECOM ARGENTINA S.A.</font></i></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated information</font></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;text-autospace:none;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">Annual period - Fiscal Year 2018</font></i></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(In million of Argentine pesos)</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="background:white;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">6-</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Breakdown of the Income Statements - Pro Forma restated by inflation (constant figures)</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="background:white;margin:0in 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Revenues as of 2017 restated to 2018 values include a variation coming from the restatement of approximately 38.5% vs. a restatement variation of 18.4% for revenues as of 2018)</font></i></b></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="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&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="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&#916;&nbsp;</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">$</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&#916;&nbsp;</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;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="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;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="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;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="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES FROM   SERVICES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">155,212</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">157,246</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(2,034)</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">-1.3%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Mobile Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">57,776</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">63,276</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(5,500)</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-8.7%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Internet Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">37,742</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">32,945</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">4,797</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">14.6%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Cable TV Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">36,067</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">39,914</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(3,847)</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-9.6%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Fixed Telephony and   Data Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">23,149</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">20,277</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">2,872</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">14.2%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Other revenues from   services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">478</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">834</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(356)</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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-42.7%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;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="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES FROM   EQUIPMENT SALES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12,834</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">15,108</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(2,274)</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">-15.1%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;">&nbsp;</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;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;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="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;">&nbsp;</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;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;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="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;">&nbsp;</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;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;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="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;">&nbsp;</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;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">168,046</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">172,354</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(4,308)</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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">-2.5%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">7-</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Breakdown of the Income Statements - Pro Forma (current figures)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Allows the understanding of the variations of the Revenues accounting for historical values)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:13.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&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="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&#916;</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;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 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&#916;&nbsp;</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&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="1" face="Arial" style="font-size:2.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;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 2.15pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;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 2.15pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;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 2.15pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES FROM   SERVICES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">126,698</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">97,584</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">29,114</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">29.8%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;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 2.15pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;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 2.15pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;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 2.15pt .0001pt 0in;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Mobile Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">46,910</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">36,988</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">9,922</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">26.8%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Internet Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">30,870</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">23,383</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">7,487</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">32.0%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Cable TV Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">29,390</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">20,717</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">8,673</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">41.9%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Fixed Telephony and   Data Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">19,099</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">14,168</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">4,931</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">34.8%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;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 2.15pt .0001pt 0in;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;">&nbsp;</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;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Other revenues from   services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">429</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">2,328</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(1,899)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-81.6%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;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 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;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 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;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 2.15pt .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</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;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES FROM   EQUIPMENT SALES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">10,462</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">8,331</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">2,131</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">25.6%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</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;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;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 2.15pt .0001pt 0in;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</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;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;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 2.15pt .0001pt 0in;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</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;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;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 2.15pt .0001pt 0in;"><font size="4" face="Arial" style="font-size:14.0pt;">&nbsp;</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;"><b><font size="4" color="#3366ff" face="Arial" style="color:#3366FF;font-size:14.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">137,160</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">105,915</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">31,245</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 2.15pt .0001pt 0in;"><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:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">29.5%</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;">
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="PB_17_025734_3755"></a></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></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"><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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="105" height="66" src="g61911bqi001.jpg"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">TELECOM ARGENTINA S.A.</font></i></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated information</font></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;text-autospace:none;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">Annual period - Fiscal Year 2018</font></i></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(In million of Argentine pesos)</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 .25in;text-indent:-.25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">8-</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated Income Statements - Pro Forma restated by inflation (constant figures)</font></u></b></p>
<p style="background:white;margin:2.0pt 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Allows the understanding of the variations of the Income Statement in real terms)</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="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&#916;</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&nbsp;$</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&#916;&nbsp;</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:2.0pt 0in .0001pt .1in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">168,046</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">172,354</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(4,308)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:2.0pt 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-2.5%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Employee   benefit expenses and severance payments</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(30,048)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(32,381)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2,333</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-7.2%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interconnection   and transmission costs</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5,525)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5,926)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">401</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-6.8%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Fees   for services, maintenance, materials and supplies</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(16,261)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(18,144)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1,883</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-10.4%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Taxes   and fees with the regulatory authority</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(13,609)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(14,788)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1,179</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-8.0%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Commissions   and advertising</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(11,210)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(11,600)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">390</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-3.4%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Cost of   equipments and handsets</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,667)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(11,787)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2,120</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-18.0%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Programming   and content costs</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(12,156)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(10,569)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(1,587)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">15.0%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Bad   debt expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(3,527)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(2,743)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(784)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">28.6%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other   operating income and expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,675)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,818)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">143</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-1.5%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Subtotal Operating   costs before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(111,678)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(117,756)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">6,078</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-5.2%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Operating income   before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">56,368</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">54,598</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">1,770</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">3.2%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Depreciation, amortization (&#145;D&amp;A&#146;) and   impairment of PP&amp;E and intangible assets</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(35,111)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(36,883)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1,772</font></p>    </td>
<td width="2%" valign="bottom" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-4.8%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">21,257</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">17,715</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">3,542</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">20.0%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Equity in   earnings from associates</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">236</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">353</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(117)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-33.1%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial   results, net</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(18,795)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">3,886</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(22,681)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net (loss) income   before income tax expense</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">2,698</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">21,954</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(19,256)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-87.7%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Income   tax expense</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2,838</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(7,210)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">10,048</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-139.4%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net (loss) Income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">5,536</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">14,744</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(9,208)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-62.5%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Attributable to:</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Controlling   Company</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">5,294</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">14,544</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,250)</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-63.6%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Non-controlling   interest</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">242</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">200</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">42</font></p>    </td>
<td width="2%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:2.9pt 0in 2.9pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">21.0%</font></p>    </td>   </tr>  </table>
<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;">
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<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="PB_18_031055_7056"></a></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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>
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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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="105" height="66" src="g61911bqi001.jpg"></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">TELECOM ARGENTINA S.A.</font></i></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated information</font></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">Annual period - Fiscal Year 2018</font></i></b></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(In million of Argentine pesos)</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">9-</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated Income Statements - Pro Forma (current figures)</font></u></b></p>
<p style="background:white;margin:2.0pt 0in .0001pt 16.55pt;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Allows the understanding of the variations of the Income Statement accounting for historical values)</font></i></b></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="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&#916;</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&nbsp;$</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&#916;&nbsp;</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">137,160</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">105,915</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">31,245</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">29.5%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Employee   benefit expenses and severance payments</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(24,647)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(19,905)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(4,742)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">23.8%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interconnection   and transmission costs</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(4,550)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(3,774)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(776)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">20.6%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Fees   for services, maintenance, materials and supplies</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(13,114)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(10,666)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(2,448)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">23.0%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Taxes   and fees with the regulatory authority</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(11,127)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(8,447)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(2,680)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">31.7%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Commissions   and advertising</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,223)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(7,112)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(2,111)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">29.7%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Cost of   equipments and handsets</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(7,258)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(6,980)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(278)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">4.0%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Programming   and content costs</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,945)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(6,489)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(3,456)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">53.3%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Bad   debt expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(2,907)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(1,670)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(1,237)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">74.1%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other   operating income and expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(8,016)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5,741)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(2,275)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">39.6%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Subtotal Operating   costs before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(90,787)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(70,784)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(20,003)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">28.3%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Operating income   before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">46,374</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">35,131</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">11,243</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">32.0%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Depreciation, amortization (&#145;D&amp;A&#146;) and impairment   of PP&amp;E and intangible assets</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(22,169)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(15,573)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(6,596)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">42.4%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">24,205</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">19,558</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">4,647</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">23.8%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Equity   in earnings from associates</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">188</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">167</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">21</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">12.6%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial   results, net</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(40,945)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(3,695)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(37,250)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net (loss) income   before income tax expense</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(16,552)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">16,030</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(32,582)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Income   tax expense</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">5,970</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5,238)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">11,208</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net (loss) Income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(10,582)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">10,792</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(21,374)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">-198.1%</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Attributable to:</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Controlling   Company</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(10,684)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">10,666</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(21,350)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.06%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Non-controlling   interest</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">102</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">126</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(24)</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-19.0%</font></p>    </td>   </tr>  </table>
<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="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="PB_19_031113_5335"></a></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</font></b></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"><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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="105" height="66" src="g61911bsi001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">TELECOM ARGENTINA S.A.</font></i></b></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated information</font></b></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">Annual period - Fiscal Year 2018</font></i></b></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(In million of Argentine pesos)</font></b></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">ANNEX - FINANCIAL TABLES AS REPORTED IN FFSS</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="background:white;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">10-</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated Income Statements - as reported in FFSS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Restated by inflation, comparative with Cablevisi&#243;n&#146;s consolidated financial statements)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<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;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">168,046</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">66,649</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Consolidated Operating Costs</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(146,789)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(52,340)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">21,257</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">14,309</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Net Financial results and results of equity   in earnings from associates</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(18,559)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1 ,066</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net (loss) income before income   tax expense</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">2,698</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">15,375</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Income tax expense</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2,838</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5,516)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net (loss) income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">5,536</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">9,859</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Attributable to:</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.05pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Controlling Company</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">5,294</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">9,731</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.05pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Non-controlling interest</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">242</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">128</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .3in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Operating income before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">56,368</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">24,113</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">As % of Revenues</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">33.5%</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">36.2%</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 16.55pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 16.55pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net Financial results</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-style:italic;">Financial expenses on debt</font></i></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interest on debt</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(4,542)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(1,138)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Exchange differences on debt</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(29,620)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">780</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other financial expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">190</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">141</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total financial expenses on   debt</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(33,972)</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(217)</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-style:italic;">Other financial results, net</font></i></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interest and gains on investments</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1,898</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">353</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Taxes and bank expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(1,646)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(745)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other Exchanges differences</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1,402</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(476)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial discounts on assets, debts and   diverse</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">7</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Results for operations with notes and bonds</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">780</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(43)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interest on provisions</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(604)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(78)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Quinquennial financial costs</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(72)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">RECPAM *</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">13,403</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1,907</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Others</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">9</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(4)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total other financial results,   net</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">15,177</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">930</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total net financial results</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(18,795)</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">713</font></b></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .25in;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-style:italic;">* Inflation adjustment gain /loss</font></i></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="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="PB_20_030253_3311"></a></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&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: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="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="105" height="66" src="g61911bsi001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">TELECOM ARGENTINA S.A.</font></i></b></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated information</font></b></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">Annual period - Fiscal Year 2018</font></i></b></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">(In million of Argentine pesos)</font></b></p>
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">ANNEX - FINANCIAL TABLES AS REPORTED IN FFSS</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="background:white;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">11-</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Breakdown of the Income Statements - as reported in FFSS</font></u></b></p>
<p style="background:white;margin:0in 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Restated by inflation, comparative with Cablevisi&#243;n&#146;s consolidated financial statements)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 0in 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES FROM SERVICES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">155,212</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">66,274</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Mobile Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">57,776</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">4,274</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:2.0pt 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Internet Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">37,742</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">19,354</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:2.0pt 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Cable TV Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">36,067</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">39,914</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:2.0pt 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Fixed Telephony and Data   Services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">23,149</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">1,897</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:2.0pt 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Other revenues from services</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">478</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:2.0pt 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:2.0pt 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">835</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES FROM EQUIPMENT SALES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12,834</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">375</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">REVENUES</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">168,046</font></b></p>    </td>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">66,649</font></b></p>    </td>   </tr>  </table>
</div>
<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 .25in;text-indent:-.25in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12-</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated Income Statements - as reported in FFSS</font></u></b></p>
<p style="background:white;margin:0in 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="background:white;margin:0in 0in .0001pt .25in;"><b><i><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Restated by inflation, comparative with Cablevisi&#243;n&#146;s consolidated financial statements)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/18</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">12/31/17</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">168,046</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">66,649</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Employee benefit expenses and severance   payments</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(30,048)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(11,665)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interconnection and transmission costs</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5,525)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(1,311)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Fees for services, maintenance, materials   and supplies</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(16,261)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(7,254)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Taxes and fees with the regulatory authority</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(13,609)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(4,859)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Commissions and advertising</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(11,210)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(3,691)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Cost of equipments and handsets</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,667)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(493)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Programming and content costs</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(12,156)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,116)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Bad debt expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(3,527)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(901)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other operating income and expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,675)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(3,246)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Subtotal Operating costs before   D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(111,678)</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">(42,536)</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Operating income before D&amp;A</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">56,368</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">24,113</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Depreciation, amortization (&#145;D&amp;A&#146;) and   impairment of PP&amp;E and intangible assets</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(35,111)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9,804)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">21,257</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">14,309</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Equity in earnings from associates</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">236</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">353</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial expenses on debt</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(33,972)</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(217)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other financial results, net</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">15,177</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">930</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net (loss) income before income   tax expense</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">2,698</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">15,375</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Income tax expense</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2,838</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(5,516)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Net (loss) Income</font></b></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">5,536</font></b></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">9,859</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt .25in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Attributable to:</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Controlling Company</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">5,294</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">9,731</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:73.0%;">
<p style="margin:0in 0in .0001pt 23.75pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Non-controlling interest</font></p>    </td>
<td width="2%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">242</font></p>    </td>
<td width="3%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:2.15pt 0in 2.15pt 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">128</font></p>    </td>   </tr>  </table>
</div>
<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="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="PB_21_031747_7056"></a></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;font-weight:bold;">www.telecom.com.ar</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 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="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;">SIGNATURES</font></p>
<p style="margin:0in 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;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin:0in 0in .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="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
<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="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
<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;">Telecom   </font></b><b>Argentina S.A.</b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
<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>
<td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
<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>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
<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>
<td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
<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>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
<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>
<td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
<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>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
<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>
<td width="54%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.74%;">
<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>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   March&nbsp;8, 2019</font></p>    </td>
<td width="5%" valign="top" 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;">By:</font></p>    </td>
<td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Gabriel P. Blasi</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" 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:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel   P. Blasi</font></p>    </td>   </tr>
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<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" 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:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Responsible for Market Relations</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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<DOCUMENT>
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