<SEC-DOCUMENT>0001104659-19-028273.txt : 20190509
<SEC-HEADER>0001104659-19-028273.hdr.sgml : 20190509
<ACCEPTANCE-DATETIME>20190509171455
ACCESSION NUMBER:		0001104659-19-028273
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20190509
FILED AS OF DATE:		20190509
DATE AS OF CHANGE:		20190509

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:		19811756

	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>a19-9711_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="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<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;">&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;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;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:0in 0in .0001pt;text-align:center;"><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><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="4" face="Arial" style="font-size:15.0pt;">&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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&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;">Report of Foreign Private Issuer</font></b></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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&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;">Pursuant to Rule&nbsp;13a-16 or 15d-16</font></b></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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&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;">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 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;"><font size="3" face="Arial" style="font-size:12.0pt;">For the month of May&nbsp;2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&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="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: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="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(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 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><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="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</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="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><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:14.08%;">
<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:15.5%;">
<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:28.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Form&nbsp;40-F</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<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>   </tr>  </table>
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<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)(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>
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<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:15.5%;">
<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:28.16%;">
<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="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<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>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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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<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.16%;">
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<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<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:15.5%;">
<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:28.16%;">
<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>
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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;">X</font></p>    </td>   </tr>  </table>
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<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;"><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;"><a name="TableOfContents"><font size="3" face="Arial" style="font-size:12.0pt;">TABLE OF CONTENTS</font></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#TelecomArgentinaS_A__123516"><b><i><font size="2" style="font-size:11.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Telecom Argentina S.A. announces consolidated results for the first quarter of fiscal year 2019 (&#145;1Q19&#146;)</font></i></b></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p 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="line-height:14.0pt;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="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="80" height="41" src="g97111be01i001.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>
<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$305.2 billion</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&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;">May&nbsp;9th, 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;"><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="1" face="Arial" style="font-size:1.0pt;">&nbsp;</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="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</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="2" face="Arial" style="font-size:10.0pt;">&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><a name="TelecomArgentinaS_A__123516"></a></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><font size="5" color="#4576d6" face="Arial" style="color:#4576D6;font-size:17.0pt;font-weight:bold;">announces consolidated results for the first quarter of fiscal year 2019 (&#145;1Q19&#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;line-height:12.0pt;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;"> For the figures included in their FFSS, 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 March&nbsp;31, 2018 inclusive. Accordingly, the reported figures corresponding to 1Q19 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of 1Q19 and vs. 1Q18 mentioned in this press release correspond to &#147;figures restated by inflation&#148; or &#147;constant&#148;. Moreover, <u>Table 3</u> contemplates information broken down by segment for periods ended as of March&nbsp;31 of 2019 and 2018 as analyzed by the Executive Committee and the CEO, who receive periodically the financial information of Telecom and its subsidiaries (in historical values) <i><u style="font-style:italic;">For further details, please refer to the titles of the financial tables beginning from page&nbsp;11.</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="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Consolidated Revenues amounted to P$44,328 million in 1Q19, of which Service Revenues reached P$41,521 million. Considering the breakdown of Service Revenues, Mobile Services amounted P$14,813 million; Internet Services totaled P$10,152 million, while Cable TV Services and Fixed Telephony and Data Services amounted to P$9,575 million and P$6,865 million, respectively.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><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 73% participation in Service Revenues.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Mobile subscribers in Argentina: 18.4 million in 1Q19, while Cable TV subscribers and Broadband accesses totaled 3.4 million and 4.1 million, respectively.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="4" style="font-size:13.5pt;">&#160;&#160; </font><b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Mobile ARPU of Personal in Argentina (restated in terms of the measuring unit as of March&nbsp;31, 2019) in 1Q19 totaled P$225.5 per month in 1Q19 (-11.5% vs. 1Q18).</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Broadband ARPU (restated in terms of the measuring unit as of March&nbsp;31, 2019) reached P$819.4 per month in 1Q19 (-7.1% vs. 1Q18). Monthly churn was 2.0% in 1Q19.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Cable TV ARPU (restated in terms of the measuring unit as of March&nbsp;31, 2019) amounted to P$871.5 per month in 1Q19 (-12.2% vs. 1Q18).</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><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$39,832 million in 1Q19 (+2.7% vs. 1Q18).</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><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$14,491 million in 1Q19 (-21.4% vs. 1Q18), 32.7% of Consolidated Revenues.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Net Income amounted to P$1,279 million in 1Q19. Net Income attributable to the Controlling Company amounted to P$1,232 million during the same period. The variation of the mentioned Net Income vs. 1Q18 mainly reflects the impact of the decrease in Operating Income and lower financial results.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Capex reached P$9,067 million in 1Q19, equivalent to 20.5% of Consolidated Revenues.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" color="gray" face="Arial" style="color:gray;font-size:12.0pt;font-weight:bold;">Net Financial Debt Position: P$71,061 million in 1Q19.</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="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">*Unaudited non financial data</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="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">1</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;"><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="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="80" height="41" src="g97111be01i001.jpg"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
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<td width="50%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">IAS 29</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">IAS 29</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">As of March, 31</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">As of March, 31</font></b></p>    </td>
<td width="8%" rowspan="2" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Times New Roman" style="color:white;font-size:10.0pt;font-weight:bold;">&#8710; $</font></b></p>    </td>
<td width="8%" rowspan="2" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Times New Roman" style="color:white;font-size:10.0pt;font-weight:bold;">&#8710; </font></b><b><font color="white" face="Times New Roman" style="color:white;font-weight:bold;">%</font></b></p>    </td>   </tr>
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<td width="50%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-style:italic;font-weight:bold;">(in million P$&nbsp;adjusted by inflation,   except where noted)**</font></i></b></p>    </td>
<td width="16%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2019</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2018</font></b></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Consolidated   Revenues</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">44,328</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">48,725</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(4,397)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-9.0%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><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:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">14,491</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">18,433</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(3,942)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-21.4%</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><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:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">4,496</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">9,939</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(5,443)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-54.8%</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Net   Income attributable to Controlling Company</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1,232</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">11,374</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(10,142)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-89.2%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Shareholders&#146;   equity attributable&nbsp; to Controlling   Company</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">253,167</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">256,330</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(3,163)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-1.2%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Net   Financial Position - (Debt) / Cash</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(71,601)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(49,822)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(21,779)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">43.7%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">CAPEX *</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">9,067</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">9,327</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(260)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-2.8%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Fixed   lines in service (in thousand lines)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">3,452</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">3,741</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(289)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-7.7%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Mobile   customers (in thousand)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">20,784</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">21,863</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(1,079)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-4.9%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Personal (Argentina)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">18,152</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">18,924</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(772)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-4.1%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Nextel (Argentina)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">258</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">533</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(275)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-51.6%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">N&#250;cleo (Paraguay) -including   Wimax customers-</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2,374</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2,406</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(32)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-1.3%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Broadband   accesses in Argentina&nbsp; (in thousand)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">4,114</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">4,076</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">38</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">0.9%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Cable   TV Suscribers (in thousand)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">3,408</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">3,486</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-2.2%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Argentina</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">3,265</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">3,345</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(80)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-2.4%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in .05in 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .35in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Uruguay</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in .05in 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">142</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in .05in 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">142</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in .05in 0in;width:8.08%;">
<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>
<td width="8%" valign="top" style="padding:1.45pt 0in .05in 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .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:50.84%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Average Billing per user (ARBU)   Fixed Telephony / voice (in P$&nbsp;- Restated by inflation)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">314.3</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">314.3</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Average Revenue per user (ARPU)   Mobile Services - Personal (in P$&nbsp;- Restated by inflation)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">225.5</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">254.8</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(29.3)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-11.5%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Average Revenue per user (ARPU)   Broadband (in P$&nbsp;- Restated by inflation)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">819.4</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">882.3</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(62.9)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-7.1%</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:50.84%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Average Revenue per user (ARPU)   Cable TV (in P$&nbsp;- Restated by inflation)</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">871.5</font></p>    </td>
<td width="16%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:16.5%;">
<p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">993.1</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.08%;">
<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;">(121.6)</font></p>    </td>
<td width="8%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:8.58%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">-12.2%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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.)</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;line-height:14.0pt;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, May&nbsp;9, 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$1,279 million for the period ended March&nbsp;31, 2019. Net Income attributable to the Controlling Company amounted to P$1,232 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;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 March&nbsp;31, 2019.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&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;">The following table shows the evolution of the consumer price index (National CPI) for the last three fiscal years and to March&nbsp;31, 2018 and 2019 according to the official statistics (INDEC), which were used to restate the figures in constant currency:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="83%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="22%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:22.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">As of</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:14.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">As of</font></b></p>    </td>
<td width="18%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">As of</font></b></p>    </td>
<td width="15%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">As of</font></b></p>    </td>
<td width="13%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">As of</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:22.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">December</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:14.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">December</font></b></p>    </td>
<td width="18%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">December&nbsp;31,</font></b></p>    </td>
<td width="15%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">March&nbsp;31,</font></b></p>    </td>
<td width="13%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">March&nbsp;31,</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:22.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">31, 2016</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:14.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">31, 2017</font></b></p>    </td>
<td width="18%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="15%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="13%" valign="top" bgcolor="#002060" style="background:#002060;padding:1.45pt 0in 1.45pt 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="white" face="Arial" style="color:white;font-size:10.0pt;font-weight:bold;">2019</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:22.7%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><u><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Price   Index Variation</font></u></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:14.1%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:18.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.7%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:13.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:22.7%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Annual </font></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">34,6%</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:14.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">24,7%</font></p>    </td>
<td width="18%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">47,6%</font></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">25,1%</font></p>    </td>
<td width="13%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">54,8%</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:22.7%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">3 year   cumulative</font></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">102,2%</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:14.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">96,6%</font></p>    </td>
<td width="18%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">147,8%</font></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">97,3%</font></p>    </td>
<td width="13%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">136,4%</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:22.7%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">3 month   cumulative</font></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">n/a</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:14.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">n/a</font></p>    </td>
<td width="18%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">n/a</font></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">6,6%</font></p>    </td>
<td width="13%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">11,8%</font></p>    </td>   </tr>
<tr>
<td width="22%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:22.7%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">3 month   average</font></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">n/a</font></p>    </td>
<td width="14%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:14.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">n/a</font></p>    </td>
<td width="18%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:18.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">n/a</font></p>    </td>
<td width="15%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">2,4%</font></p>    </td>
<td width="13%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:13.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">4,5%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="55%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<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 29</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<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 29</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:10.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Arial" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<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;">FY18</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<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;">FY17</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;">&#8710;   $</font></p>    </td>
<td width="10%" valign="top" bgcolor="#052158" style="background:#052158;padding:1.45pt 0in 1.45pt 0in;width:10.1%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;">&#8710; %</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Consolidated Revenues (MMP$)</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">44,328</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">48,725</font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(4,397)</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.1%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(9.0%)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Net Income attributable to Controlling Company (MMP$)</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">1,232</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">11,374</font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(10,142)</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.1%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(89.2%)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Earnings attributable to Controlling Company per Share (P$)</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">0.6</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">5.3</font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(4.7)</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.1%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt .7pt;"><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="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2.9</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">26.4</font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">(23.5)</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.1%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt .7pt;"><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="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">32.7%</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">37.8%</font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" 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:10.1%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Operating Income *</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">10.1%</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">20.4%</font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" 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:10.1%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Net Income*</font></p>    </td>
<td width="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">2.9%</font></p>    </td>
<td width="10%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:10.36%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">23.4%</font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" 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:10.1%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:55.46%;">
<p style="margin:0in 0in .0001pt .7pt;"><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="11%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:11.94%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" 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:10.36%;">
<p align="center" style="margin:0in 0in .0001pt .7pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:12.14%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" 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:10.1%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .15in;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Note: The average of ordinary   shares outstanding considered amounted to and 2,153,688,011 as of 1Q19 and   1Q18</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;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="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">2</font></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:6.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><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;">
<tr>
<td width="74%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="80" height="43" src="g97111be03i001.jpg"></font></p>    </td>   </tr>
<tr>
<td width="74%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<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;">During 1Q19, Consolidated Revenues   decreased by 9% in real terms to P$44,328 million (-P$4,397 million vs.   1Q18). This decrease is reflected mainly in Mobile Service,&nbsp;Internet and   Cable TV revenues, partially offset by greater Fixed Telephony and data   revenues. and by the increase in Revenues of Internet Services and Fixed Telephony   and Data Services. Total Revenues contain approximately P$1,868 million and   P$18,027 million, for the 1Q19 and 1Q18, respectively, related to the   restatement in terms of the measuring unit as of March&nbsp;31, 2019.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="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;">Operating Income totaled P$4,496 million   in 1Q19 (-P$5,443 million or -54.8% vs 1Q18).</font></p>
<p style="line-height:14.0pt;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   Operating Revenues</font></u></p>    </td>   </tr>
<tr>
<td width="74%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="margin:0in .2in .0001pt 0in;text-align:justify;"><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="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of March&nbsp;31, 2018, mobile clients   amounted to 20.8 million.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In 1Q19, mobile services revenues   represented P$14,813 million (-15.1% vs. 1Q18). The effect generated by the   restatement in terms of the measuring unit as of March&nbsp;31, 2019,   included in mobile services revenues amounts to, approximately, P$612 million   and P$6,498 million, for the 1Q19 and 1Q18, respectively. This effect was   partially offset by the increase in the mobile plan prices.&nbsp; The commercial strategy was focused on   promoting the consumption of mobile internet services through Personal&#180;s 4G   network, the fastest network in the country according to the results of   international referents who measure the network standards through the   experience of the clients worldwide.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In turn, equipment revenues amounted to   P$2,807 million (-P$699 million or -19.9% vs. 1Q18). This variation was   mainly due to a decrease in the quantities sold, partially offset by the   increase in prices of handset sales.</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img border="0" width="186" height="182" src="g97111be03i002.jpg"></font></p>    </td>   </tr>
<tr>
<td width="74%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of March&nbsp;31, 2019, Personal   reached 18.2 million subscribers in Argentina, where postpaid clients   represented 40% of the subscriber base.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In 1Q19, mobile service revenues in   Argentina (excluding equipment sales) amounted to P$12,936 million (-18.6%   vs. 1Q18). The approximate increase in average mobile plans was 39% when   compared with those of 1Q18. Mobile internet revenues reached 73% of service   revenues of Personal in Argentina (vs. 59% in 1Q18).</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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; &#150; restated in   constant currency as of March&nbsp;31, 2019) of Personal in Argentina   amounted to P$225.5 during 1Q19 (-11.5% vs. 1Q18).</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of March&nbsp;31, 2019, Nextel IDEN   subscriber base reached approximately 0.3 million subscribers, where postpaid   clients represented 79% of the subscriber base and prepaid clients   represented the remaining 21%.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In the first months of the year the brands Personal and Fibertel   joined to offer the best Wi-Fi connectivity experience and 4G service, with   benefits for the clients of Club Personal. As in other seasons the Company   offered free connectivity in Pinamar, Caril&#243; and Playa Grande complex in Mar   del Plata.</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>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In addition to the events with DJs and shows of well-known   artists in Playa Grande (Mar del Plata), after beach with outstanding artists   were included. In Pinamar, Personal Fibertel Buses were available for the   free transfer of tourists within the city&#180;s beaches. In Caril&#243;, Wi-Fi service   was offered in the shopping mall and the most popular beaches through urban modems.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Moreover, within the framework of the open innovation program   &#147;Garage Personal&#148;, five finalist startups which will develop Entertainment,   Fintech, Smart City,&nbsp;IoT and Big Data businesses were selected. The   selected ideas from among more than 400 projects will participate in nine   months of development, together with Telecom and Incutex, a strategical   partner of this initiative, to enhance its business model in speed and at the   lowest possible cost. The program also provides an economic incentive of up to   875.000 pesos, commercial, technical, legal and financial mentoring of   experts in each field.</font></p>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of March&nbsp;31, 2019, N&#250;cleo&#146;s   subscriber base reached around 2.4 million clients. Prepaid and postpaid   customers represented 84% and 16%, respectively.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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$1,877 million during 1Q19 (+21.3% vs. 1Q18). Internet   revenues represented 48.4% of 1Q19 service revenues (vs. 42.5% in 1Q18).</font></p>    </td>
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<p style="margin:0in .2in .0001pt 0in;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>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Cable TV service revenues reached P$9,575   million in 1Q19 (-9.1% vs. 1Q18). The effect generated by the restatement in   terms of the measuring unit as of March&nbsp;31, 2019, included in Cable TV   service revenues amounts to, approximately, P$411 million and P$3,870   million, for the 1Q19 and 1Q18, respectively. This effect was partially   offset by an approximate increase in average Cable TV plans of 39% when   compared with those of 1Q18. Cable TV subscribers totaled almost 3.4 million,   while the Cable TV ARPU (</font><font color="gray" face="Arial" style="color:gray;">restated in constant   currency as of March&nbsp;31, 2019) </font><font color="gray" face="Arial" style="color:gray;">reached P$871.5 during 1Q19, decreasing -12.2% vs. 1Q18. Moreover,   average monthly churn during 1Q19 was 1.5%.</font></p>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Through an in-Company development, the web version of Cablevisi&#243;n   Flow was updated aiming to optimize user experience. The project demanded 7   months of work and as a result there are significant improvements in the   interface, functional new features and greater compatibility with OS and   browsers such as Chrome, Firefox and Opera. The team guidelines are the   constant evolution, the platform fluency and the collaboration between the   internal groups and the suppliers. This was the first of many of Flow   Factory&#146;s management projects, which is already working in new advances for   Flow&#180;s environment.</font></p>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">With the aim to offer to its clients a better entertainment   experience in order to enjoy contents through multiple screens, Flow   incorporated Netflix to its decoder so that the users have access to   Netflix&#180;s exclusive series and movies. The clients who have a Flow box and a   Netflix account, are now able to access the service directly through a   dedicated app. Moreover, Flow&#180;s new remote controller will have a Netflix&#180;s   direct access button that will allow the users to find all the content they   want to watch at the moment, in a simple and comfortable way.</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;">Fixed Telephony and Data Services</font></i></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">During 1Q19, revenues generated by fixed telephony and data reached   P$6,865 million in 1Q19, +10.6% vs. 1Q18. The increase in fixed telephony   services was mainly explained by higher revenues from data services in a   context that evidences the growing position of the Company as an integrated   ICT provider (Datacenter, VPN, among other services) in the segment of   Corporate and Government customers. Regarding the fixed telephony services,   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, that aim to achieve higher   levels of customer loyalty. The effect generated by the restatement in terms   of the measuring unit as of March&nbsp;31, 2019, included in Fixed telephony   and data service revenues amounts to, approximately, P$284 million and   P$2,283 million, for the 1Q19 and 1Q18, respectively.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;line-height:14.0pt;margin:0in .2in .0001pt 0in;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; - </font><font color="gray" face="Arial" style="color:gray;">restated   in constant currency as of March&nbsp;31, 2019</font><font color="gray" face="Arial" style="color:gray;">) of fixed telephony reached P$314.3 in 1Q19, showing no variation vs.   1Q18.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Telecom   participated in the 13th edition of Expoagro fair presenting its smart   solutions portfolio for the agricultural sector. Those attending the fair   were able to visit the FiberCorp-Telecom stand, participate in conversations   with the company&#180;s referents and experience demonstrations of animal and   environment monitoring services, establishments automatization and renewable   energies, which helps producers to improve the efficiency of its operations in   a year marked by record crop expectations. In addition, Telecom provided   fixed and mobile connectivity for communications during the event.</font></p>    </td>
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<p style="margin:0in .2in .0001pt 0in;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>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Internet services revenues totaled P$10,152 million during 1Q19, -6.0%   vs. 1Q18. The effect generated by the restatement in terms of the measuring   unit as of March&nbsp;31, 2019, included in Internet services revenues   amounts to, approximately, P$436 million and P$3,948 million, for the 1Q19   and 1Q18, respectively. This effect was partially offset by an approximate   increase in average Internet plans of 39% when compared with those of 1Q18.   As of March&nbsp;31, 2019, total broadband accesses increased to more than   4.1 million (+0.9% vs. 1Q18). Additionally, broadband ARPU (</font><font color="gray" face="Arial" style="color:gray;">restated   in constant currency as of March&nbsp;31, 2019) </font><font color="gray" face="Arial" style="color:gray;">amounted to P$819.4 per month in 1Q19 (-7.1% vs.   1Q18). Moreover, the average monthly <i>churn</i> rate   for the period was 2.0%. On the other hand, clients with service of 20Mb or   higher currently represent 44% of the total customer base as of 1Q19.</font></p>
<p style="line-height:14.0pt;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">The Company is taking forward the   integration of its brands, products and services. In this sense, a process of   unification of its broadband brands was started by integrating&nbsp; the Arnet brand into the Fibertel family,   under the name of &#147;Fibertel Lite&#148; in the case of Arnet products up to 20 Mb   and under the name &#147;Fibertel&#148; in the case of products up to 100 Mb.</font></p>    </td>
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<p align="center" style="margin:0in .2in .0001pt 0in;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">5</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="line-height:14.0pt;margin:0in .2in .0001pt 0in;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="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">In terms of communication the change of   brands from Arnet to Fibertel aims to allow the costumers to identify   themselves under the same brand of internet access service. The brand change   is being informed in advance and through different direct contact points to   each one of the clients (message in invoice, SMS,&nbsp;IVR,&nbsp;etc.)</font></p>
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<p style="margin:0in .2in .0001pt 0in;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="line-height:14.0pt;margin:0in .2in .0001pt 0in;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$39,832   million in 1Q19, an increase of P$1,046 million, or 2.7% vs. 1Q18. These   higher operating costs vs. 1Q18 are mainly associated with higher   depreciation, amortization and impairment of PP&amp;E, intangibles and   rights-of-use. What is more, the operating cost excluding D&amp;A registered   a decrease of 1.5% mainly due to lower interconnexion and transmission costs,   taxes and fees, commissions and advertising and cost of handset solds.</font></p>    </td>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">The cost   breakdown is as follows:</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;line-height:14.0pt;margin:0in .2in .0001pt 0in;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$8,783 million (+6.0% vs. 1Q18). The increase was mainly   caused by increases in salaries to unionized and non</font><font color="gray" face="Times New Roman" style="color:gray;">-</font><font color="gray" face="Arial" style="color:gray;">unionized employees together with the associated   social security contributions and severance payments, partially offset by a   decrease in total employees of 7.0% (the number of employees totaled 24,908   in 1Q19 vs. 26,770 in 1Q18). The effect generated by the restatement in terms   of the measuring unit as of March&nbsp;31, 2019, included in labor costs and   severance payments amounts to, approximately, P$369 million and P$3,072   million, for the 1Q19 and 1Q18, respectively.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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$1,466 million, down 2.7% vs. 1Q18, decreasing mainly due   to operative efficiencies as of March&nbsp;31,2019, compared with the same   period last year, partially offset by higher traffic and due to the FX   increase reflected over services denominated in US$. The effect generated by   the restatement in terms of the measuring unit as of March&nbsp;31, 2019,   included in interconnection and transmission costs amounts to, approximately,   P$60 million and P$576 million, for the 1Q19 and 1Q18, respectively.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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$4,504 million (+5.5% vs. 1Q18). These   higher costs are mainly due to increases in fees for services, mostly related   to call centers and higher professional fees generated by a greater level of   activity driven mainly by new Company projects and by services linked to operational   management in general. There were also higher technical maintenance costs and   higher hardware and software maintenance costs due to price increases and the   US$/P$&nbsp;FX fluctuations. The effect was partially offset by process synergies   resulting from the merger between Telecom and Cablevisi&#243;n in   January&nbsp;2018.&nbsp; The effect   generated by the restatement in terms of the measuring unit as of   March&nbsp;31, 2019, included in fees for services, maintenance, materials   and supplies amounts to, approximately, P$369 million and P$1,389 million,   for the 1Q19 and 1Q18, respectively.</font></p>    </td>
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<p align="center" style="margin:0in .2in .0001pt 0in;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">6</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="line-height:14.0pt;margin:0in .2in .0001pt 0in;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="line-height:14.0pt;margin:0in .2in .0001pt 0in;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$3,483 million (-10.9% vs. 1Q18). This decrease   corresponds mainly to lower sales in 1Q19 vs 1Q18, partially offset by impact   of the application of resolution ENACOM 840/18 that introduced changes in the   determination of the radioelectric spectrum fee. The effect generated by the restatement   in terms of the measuring unit as of March&nbsp;31, 2019, included in taxes   and fees with regulatory authorities amounts to, approximately, P$150 million   and P$1,441 million, for the 1Q19 and 1Q18, respectively.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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$2,518 million (-12.6% vs. 1Q18). This decline is due to lower charges in   agent commissions as a consequence of a reorganization in the sales channels   and due to a slight decrease in advertising related to the synergies achieved   after the merger that allowed to reduce cost even with greater presence in   the various media, partially offset by higher collection fees. The effect   generated by the restatement in terms of the measuring unit as of   March&nbsp;31, 2019, included in commissions and advertising amounts to,   approximately, P$105 million and P$1,172 million, for the 1Q19 and 1Q18,   respectively.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;text-indent:2.15pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Cost of handsets sold amounted to   P$2,182 million (-16.7% vs. 1Q18). Of this amount, the majority corresponds   to cost of handsets in Argentina, which decrease compared with 1Q18, mainly   due to lower quantities sold, partially offset by an increase in purchase   price of the handsets compared with 1Q18. The effect generated by the   restatement in terms of the measuring unit as of March&nbsp;31, 2019,   included in cost of handsets sold amounts to, approximately, P$336 million   and P$1,094 million, for the 1Q19 and 1Q18, respectively.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Programming and content costs totaled   P$3,412 million (showed no variation vs. 1Q18). The effect generated by the   restatement in terms of the measuring unit as of March&nbsp;31, 2019,   included in cost of handsets sold amounts to, approximately, P$150 million   and P$1,268 million, for the 1Q19 and 1Q18, respectively</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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, intangible assets and rights-of-use amounted P$9,995   million (+17.7% vs. 1Q18). The increase was due to the impact of the   amortization of the incorporations after March&nbsp;31, 2018, as a   consequence of the Capex Plan that the Company is developing and the effect   of the application since January&nbsp;1, 2019, of IFRS 16 being the charge   P$617 million, partially offset by assets that have stopped amortizing in   2019. The effect generated by the restatement in terms of the measuring unit   as of March&nbsp;31, 2019, included in depreciation, amortization and   impairment of PP&amp;E, intangible assets and right-of-use amounts to,   approximately, P$3,587 million and P$3,827 million, for the 1Q19 and 1Q18,   respectively.</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">- Other Costs totaled P$3,489 million   (+2.5% vs. 1Q18), of which bad debt expenses reached P$1,448 million (+49.0%   vs. 1Q18), and whose increase is mainly due to the higher delinquency levels,   partially offset by the decrease in other operating costs (which includes   charges for trials and other contingencies, energy and other public services,   insurances, rents, internet capacity, among others), which totaled P$2,041   million (-16.0% vs. 1Q18).</font></p>    </td>
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<p align="center" style="margin:0in .2in .0001pt 0in;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">7</font></p>    </td>
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<p style="margin:0in .1in .0001pt 0in;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="line-height:14.0pt;margin:0in .1in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;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 gain of   P$105 million in 1Q19, compared with a gain of P$3,817 million in 1Q18. The   result was mostly due to higher FX losses (including results of NDF), which   reached P$1,860 million (compared with a gain of P$45 million in 1Q18),   mainly because of the strong depreciation of the peso during the 1Q19 and   also a lower RECPAM, which totaled P$3,621 million (down P$1,048 million   compared with 1Q18). Additionally, higher net interest losses were registered   totaling P$977 million (a decrease of P$698 million vs 1Q18), and finally   lower gains on investments for P$56 million (a decrease of P$26 millions vs   1Q18).</font></p>
<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .1in .0001pt 0in;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>
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<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">As of March&nbsp;31, 2019, net financial   debt position (cash, cash equivalents plus financial investments and   financial NDF minus loans) totaled P$71,601 million, increasing P$21,779 or   43.7% when compared to the consolidated net financial debt position as of   March&nbsp;31, 2018 (restated in constant currency as of March&nbsp;31, 2019)</font></p>
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<p style="margin:0in .1in .0001pt 0in;text-align:justify;"><u><font size="5" color="#3366ff" face="Arial" style="color:#3366FF;font-size:18.0pt;">Capital Expenditures</font></u></p>
<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">During 1Q19, the Company invested P$9,067   million, decreasing approximately 2.8% as of 1Q18. 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 access   technologies, reconverting the copper fixed networks into fiber or   coaxial-fiber&nbsp; 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 20.5% of consolidated   revenues in 1Q19 (vs. 19.1% in 1Q18).</font></p>
<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">During the first quarter of 2019 Telecom   signed agreements to increase the infrastructure of its mobile network, with   the municipalities of Almirante Brown, Malvinas Argentinas and San Antonio de   Areco, where investments for a total amount of P$411 million were announced.   The construction of new mobile sites expected in these plans is essential to   enlarge the coverage and capacity of Personal&#180;s 4G network, as well as the   structures and last mile modernization in the whole network. In this way, not   only connections&#180; speed and capacity improve, but also the customers&#180;   browsing experience is renewed.</font></p>
<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .1in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Personal&#180;s 4G network, the fastest in   Argentina, continues growing all around the country: there are more than 12.2   million clients who are able to use the service in more than 1,600 localities   and in all the provinces&#180; capitals.</font></p>    </td>
<td width="1%" valign="top" style="padding:.7pt 0in .7pt 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#001F5F" style="background:#001F5F;padding:.7pt 0in .7pt 0in;width:11.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:5.5pt;font-weight:bold;">in&nbsp;million&nbsp;of&nbsp;P$</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#001F5F" style="background:#001F5F;padding:.7pt 0in .7pt 0in;width:.18%;">
<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="4%" valign="bottom" bgcolor="#001F5F" style="background:#001F5F;padding:.7pt 0in .7pt 0in;width:4.8%;">
<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:5.5pt;font-weight:bold;">1Q18</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#001F5F" style="background:#001F5F;padding:.7pt 0in .7pt 0in;width:.34%;">
<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="#001F5F" style="background:#001F5F;padding:.7pt 0in .7pt 0in;width:4.66%;">
<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:5.5pt;font-weight:bold;">1Q19</font></b></p>    </td>
<td width="0%" valign="bottom" bgcolor="#001F5F" style="background:#001F5F;padding:.7pt 0in .7pt 0in;width:.26%;">
<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="#001F5F" style="background:#001F5F;padding:.7pt 0in .7pt 0in;width:4.16%;">
<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:5.5pt;font-weight:bold;">$&nbsp;Var</font></b></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:.7pt 0in .7pt 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:.7pt 0in .7pt 0in;width:11.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">FX results</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">$&nbsp;45</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.34%;">
<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="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;1,860</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;1,905</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:.7pt 0in .7pt 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:.7pt 0in .7pt 0in;width:11.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">Net Interests</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;279</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;977</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.26%;">
<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="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;698</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:.7pt 0in .7pt 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:.7pt 0in .7pt 0in;width:11.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">Gains on investments</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">$&nbsp;82</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.34%;">
<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="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">$&nbsp;56</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;26</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:.7pt 0in .7pt 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:.7pt 0in .7pt 0in;width:11.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">RECPAM</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">$&nbsp;4,669</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">$&nbsp;3,621</font></p>    </td>
<td width="0%" valign="top" style="padding:.7pt 0in .7pt 0in;width:.26%;">
<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="4%" valign="top" style="padding:.7pt 0in .7pt 0in;width:4.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;1,048</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:.7pt 0in .7pt 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:.7pt 0in .7pt 0in;width:11.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.5pt;">Others</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:.7pt 0in .7pt 0in;width:.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:.7pt 0in .7pt 0in;width:4.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;700</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:.7pt 0in .7pt 0in;width:.34%;">
<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="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:.7pt 0in .7pt 0in;width:4.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;735</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:.7pt 0in .7pt 0in;width:.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.5pt;padding:.7pt 0in .7pt 0in;width:4.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-$&nbsp;35</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.18%;">
<p style="margin:0in 0in .0001pt;"><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:4.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">$&nbsp;3,817</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">$&nbsp;105</font></b></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.26%;">
<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="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-$&nbsp;3,712</font></b></p>    </td>   </tr>
<tr>
<td width="26%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</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" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="198" height="195" src="g97111be07i002.jpg"></font></p>
<p style="margin:0in 0in .0001pt .15in;"><font size="1" color="#4576d5" face="Arial" style="color:#4576D5;font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in .2in .0001pt 0in;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;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="margin:0in .2in .0001pt 0in;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">8</font></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="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 style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="80" height="48" src="g97111be09i001.jpg"></font></p>    </td>   </tr>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Additionally, Telecom successfully   implemented &#147;4UP - Central Finance&#148;, a project through which the financial   management and payments, both from Telecom and Cablevisi&#243;n, were unified. In   recognition for this project the Company received the ASUG Argentina Award &#150;   Official Group to SAP Project Innovation, because it was the first time that   S/4 HANA Central Finance with Central Payments were implemented to the   systems. This allows the accountable unification and the centralized   realization of payments through SAP S/4 HANA Central Finance. The project was   the first one developed as a unified company, initiating a new stage in the   organization culture.</font></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 0in;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 .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 0in;text-align:justify;"><u><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Partial prepayment of the syndicated   loan agreement for up to US$&nbsp;500 signed in October&nbsp;2018</font></u></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">On March&nbsp;25, 2019 the Company   partially prepaid US$&nbsp;100 million of the outstanding amount under the   syndicated loan agreement entered into on October&nbsp;8, 2019 for up to US$&nbsp;500 million (plus the corresponding compensatory interest accrued).</font></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 0in;text-align:justify;"><u><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">Issuance of Notes by N&#250;cleo</font></u></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">The Extraordinary Shareholders&#146;   Meeting of N&#250;cleo held on April&nbsp;24, 2018 modified sections 3, 7, 9 and   10 of its bylaws in order to adapt them to the regulations of the securities   market, thus becoming N&#250;cleo, as from the inscription of the modification of   its bylaws in the Public Registry, a <i>Sociedad An&#243;nima Emisora   (SAE</i>).</font></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">On January&nbsp;4, 2019, it was   submitted a request to the <i>Comisi&#243;n Nacional de   Valores (CNV)</i> and the <i>Bolsa de Valores y   Productos de Asunci</i>&#243;n to register a Global Issuance Program   foreseeing the issuance of bonds for an amount of up to Gs. 500,000 million   (approximately P$3,200 million) in the terms that will be defined by the   Board of Directors for each series.</font></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">On February&nbsp;5, 2019, the CNV   authorized the aforementioned Program through Resolution No.&nbsp;11E/19.   Under this Program, N&#250;cleo proceeded to issue two Series&nbsp;of Notes, the   Series&nbsp;I for Gs. 120,000 million (approximately P$841 million) issued on   March&nbsp;12, 2019 and Series&nbsp;II for Gs. 30,000 million (approximately   P$210 million) issued on March&nbsp;28, 2019. Both Series&nbsp;will accrue   quarterly interest at a fixed annual rate of 9.00%, and will mature within 60   months from the issue date, amortizing the principal at maturity.</font></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 0in;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 .2in .0001pt 0in;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in .2in .0001pt 0in;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 .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">On April&nbsp;24, 2019 the General   Ordinary and Extraordinary Shareholders&#146; Meeting at which time the following   Third Item of the Agenda was addressed, resolved:</font></p>
<p style="margin:0in .2in .0001pt 0in;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">To approve the proposal of the Board   of Directors adjusted as of March&nbsp;31, 2019 using the National Consumer   Price Index (IPC Nacional) published on April&nbsp;16, 2019 pursuant to   Resolution No.&nbsp;777/2018 of the Comisi&#243;n Nacional de Valores (CNV),   consisting of the following allocation of the Retained Earnings as of   December&nbsp;31, 2018:</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>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;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" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">9</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="80" height="48" src="g97111be09i001.jpg"></font></p>    </td>   </tr>
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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="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&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>
<table border="0" cellspacing="0" cellpadding="0" width="70%" style="border-collapse:collapse;margin-left:2.0pt;width:70.92%;">
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<td width="79%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:79.38%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:.7pt 0in 0.375pt 0in;width:20.62%;">
<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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<td width="79%" valign="top" bgcolor="#1F497D" style="background:#1F497D;border:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:79.38%;">
<p style="line-height:11.0pt;margin:0in 0in .0001pt .05in;"><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 (in constant currency as<br>   of March&nbsp;31, 2019)</font></b></p>    </td>
<td width="20%" 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:1.45pt 0in 1.45pt 0in;width:20.62%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><b><font size="1" color="white" face="Arial" style="color:white;font-size:9.0pt;font-weight:bold;">30,102,883,523</font></b></p>    </td>   </tr>
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<td width="79%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:79.38%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">To Legal Reserve</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:20.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(297,363,703)</font></p>    </td>   </tr>
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<td width="79%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:79.38%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">To Cash Dividends</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:20.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;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="79%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:79.38%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">To Voluntary reserve for future cash dividends</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:20.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,045,307,602)</font></p>    </td>   </tr>
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<td width="79%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:79.38%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">To Voluntary reserve to maintain the level of   investments in capital assets and the current level of solvency of the   Company</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:20.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(16,460,212,218)</font></p>    </td>   </tr>
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<td width="79%" valign="bottom" bgcolor="#1F497D" style="background:#1F497D;border:solid windowtext 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:79.38%;">
<p style="margin:0in 0in .0001pt .05in;"><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>
<td width="20%" 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:1.45pt 0in 1.45pt 0in;width:20.62%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;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;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;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" face="Arial" style="font-size:1.0pt;">&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;">Moreover, the following was also   approved:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;line-height:14.0pt;margin:0in .2in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">a)</font><font color="gray" style="color:gray;">&nbsp;&nbsp;&nbsp;</font><font color="gray" face="Arial" style="color:gray;">The cash dividends for a total amount of   P$6,300,000,000 (equivalent to P$2.925214779 per share of P$1 &#150; nominal value   outstanding as of the date) will be made available to shareholders on May&nbsp;7,   2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;line-height:14.0pt;margin:0in .2in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">b)</font><font size="1" color="gray" style="color:gray;font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color="gray" face="Arial" style="color:gray;">D</font><font color="gray" face="Arial" style="color:gray;">elegate to the   Board of Directors of the Company the powers to resolve, based on the   evolution of the business, to withdraw, totally or partially, on one or more   times, the amount of up to P$7,045,307,602 from the &#147;Voluntary reserve for future   cash dividends&#148; and its distribution as cash dividends to the shareholders,   being entitled to exercise these delegated powers until December&nbsp;31,   2019.</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 .2in .0001pt 0in;text-align:center;"><b><font size="2" color="#a6a6a6" face="Times New Roman" style="color:#A6A6A6;font-size:11.0pt;font-weight:bold;">*******</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">10</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>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="80" height="48" src="g97111be11i001.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>
<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;">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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;">As of May&nbsp;9, 2019, Telecom Argentina   has 2,168,909,384 shares issued and 2,153,688,011 shares outstanding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&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="2" face="Arial"><img border="0" width="480" height="57" src="g97111be11i003.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&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<br>   (5411) 4968 3752</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Luis F. Rial Ubago<br>   (5411) 4968 3718</font></p>    </td>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Nahuel Monsalvo<br>   (5411) 4698 4448</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;"><font size="1" face="Arial" style="font-size:1.0pt;">&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;">Fax: (5411) 4968 3616</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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;"><font size="1" face="Arial" style="font-size:1.0pt;">&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.personal.com.ar</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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;"><font size="1" face="Arial" style="font-size:1.0pt;">&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.arnet.com.ar</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;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;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">This document may contain statements that could constitute forward-looking statements, including, but not limited to (i)&nbsp;the Company&#146;s expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; (ii)&nbsp;the synergies expected from the merger between the Company and Cablevisi&#243;n S.A. (or the Merger); (iii)&nbsp;the implementation of the Company&#146;s business strategy; (iv)&nbsp;the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay and Uruguay; (v)&nbsp;the Company&#146;s outlook for new and enhanced technologies; (vi)&nbsp;the effects of operating in a competitive environment; (vii)&nbsp;the industry conditions; (viii)&nbsp;the outcome of certain legal proceedings; and (ix)&nbsp;regulatory and legal developments. Forward-looking statements may be identified by words such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;project,&#148; &#147;will,&#148; &#147;may&#148; and &#147;should&#148; or other similar expressions. Forward-looking statements reflect the current views of the management of the Company with respect to future events. They are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors include, among others: (i)&nbsp;the Company&#146;s ability to successfully implement our business strategy and to achieve synergies resulting from the Merger; (ii)&nbsp;the Company&#146;s ability to introduce new products and services that enable business growth; (iii)&nbsp;uncertainties relating to political and economic conditions in Argentina, Paraguay and Uruguay; (iv)&nbsp;inflation, the devaluation of the peso, the Guaran&#237; and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay; (v)&nbsp;restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaran&#237;es into foreign currencies and transfer funds abroad; (vi)&nbsp;the manner in which the Argentine government regulates Law No.&nbsp;27,078, the Argentina Digital Law or, as amended by Decree No.&nbsp;267/15; (vii)&nbsp;the creditworthiness of our actual or potential customers; (viii)&nbsp;the nationalization, expropriation and/or increased government intervention in companies; (ix)&nbsp;technological changes; (x)&nbsp;the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates; (xi)&nbsp;the effects of increased competition; (xii)&nbsp;reliance on content produced by third parties; (xiii)&nbsp;increasing cost of the Company&#146;s supplies; (xiv)&nbsp;inability to finance on reasonable terms capital expenditures required to remain competitive; (xv)&nbsp;fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; and (xvi)&nbsp;the Company&#146;s ability to compete and develop our business in the future. Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company&#146;s management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company&#146;s Annual Report on Form&nbsp;20-F and the periodic filings made on Form&nbsp;6-K, which are periodically filed with or furnished to the United States Securities and Exchange Commission, as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisi&#243;n Nacional de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos) , for further information concerning risks and uncertainties faced by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&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:6.0pt;">(Financial tables follow)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">*</font></b><font size="1" style="font-size:7.0pt;">  </font><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">*</font></b><font size="1" style="font-size:7.0pt;">  </font><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">*</font></b><font size="1" style="font-size:7.0pt;">  </font><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">*</font></b><font size="1" style="font-size:7.0pt;">  </font><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">*</font></b><font size="1" style="font-size:7.0pt;">  </font><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">*</font></b><font size="1" style="font-size:7.0pt;">  </font><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>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">11</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 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>
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<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="right" style="margin:0in .55in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman"><img border="0" width="80" height="43" src="g97111be13i001.jpg"></font></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>
<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;">First Quarter- Fiscal Year 2019</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 style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">1-</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:3.0pt;">&#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 Balance Sheet</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt .2in;"><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 figures in constant currency as of March&nbsp;31, 2019)</font></i></b></p>
<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="1" 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:2.68%;">
<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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.74%;">
<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;">03/31/19</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 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:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 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;">&#8710; $</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
<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;">&#8710; %</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Cash   and cash equivalents</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">13,534</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">7,706</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">5,828</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">75.6%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial   Investments</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">2,291</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">2,372</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(81)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Trade   receivables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">16,461</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">19,475</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(3,014)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-15.5%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other   Receivables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">3,909</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">4,835</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(926)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-19.2%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Inventories</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">3,110</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">3,061</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">49</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">1.6%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total current assets</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">39,305</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">37,449</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">1,856</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">5.0%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial   Investments</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">3,931</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">5,225</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(1,294)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-24.8%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Trade   receivables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">68</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">68</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">0.0%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Goodwill</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">134,635</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">134,698</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">0.0%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Property,   plant and equipment (&#145;PP&amp;E&#146;)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">167,658</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">168,097</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(439)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-0.3%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Intangible   assets</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">65,338</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">66,499</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(1,161)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-1.7%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Right-of-use   assets</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">5,722</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">634</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">5,088</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other   Receivables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">2,607</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">3,046</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(439)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-14.4%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total non-current assets</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">379,959</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">378,267</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">1,692</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">0.4%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">TOTAL ASSETS</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">419,264</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">415,716</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">3,548</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">0.9%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Trade   payables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">21,288</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">25,558</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(4,270)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-16.7%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial   debt</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">19,702</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">22,415</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(2,713)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-12.1%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Salaries   and social security payables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">5,825</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">6,651</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(826)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-12.4%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Taxes   payables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">3,107</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">2,593</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">514</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">19.8%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Lease   liabilities</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,616</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">1,616</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other   liabilities</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,712</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">1,719</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-0.4%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Provisions</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">834</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">832</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">0.2%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total current liabilities</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">54,084</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">59,768</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(5,684)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-9.5%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Trade   payables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">623</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">637</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-2.2%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial   debt</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">71,655</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">66,280</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">5,375</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">8.1%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Salaries   and social security payables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">419</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">388</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Deferred   income tax liabilities</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">28,015</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">27,445</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">570</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">2.1%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Taxes   payables</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-24.1%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Lease   liabilities</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">2,785</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">2,785</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other   liabilities</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,206</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">1,297</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(91)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-7.0%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Provisions</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">3,724</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">3,878</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(154)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total non-current liabilities</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">108,449</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">99,954</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">8,495</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">8.5%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">TOTAL LIABILITIES</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">162,533</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">159,722</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">2,811</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">1.8%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<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="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Equity   attributable to Controlling Company</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">253,167</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">252,385</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">782</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">0.3%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><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:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">3,564</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">3609</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">(45)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">-1.2%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">TOTAL EQUITY</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">256,731</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">255,994</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">737</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">0.3%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">TOTAL LIABILITIES AND EQUITY</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">419,264</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">415,716</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.72%;">
<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;">3,548</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<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="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.66%;">
<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;">0.9%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;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; </font><b><u><font color="#3366ff" face="Arial" style="color:#3366FF;font-weight:bold;">Consolidated Loans</font></u></b></p>
<p style="margin:3.0pt 0in .0001pt .2in;"><b><i><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;font-style:italic;font-weight:bold;">(Monetary items)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.2in;">
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">03/31/19</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&#8710; $</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">&#8710; %</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Bank overdrafts - principal</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,438</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">2,545</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(1,107)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">-43.5%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Bank and other financial institutions loans -   principal</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">11,403</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">14,476</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(3,073)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">-21.2%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">NDF</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">112</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(112)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Accrued interest and related expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">5,847</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">4,110</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,737</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">42.3%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">For purchase of equipment</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,014</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,172</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(2,713)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">-12.1%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total Current Loans</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">19,702</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">22,415</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(2,713)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">-12.1%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">For purchase of equipment</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,095</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,153</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(58)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">-5.0%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Notes - principal</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">20,465</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">21,059</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(594)</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">-2.8%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Bank and other financial institutions loans -   principal</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">42,358</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">38,313</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">4,045</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">10.6%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Accrued interest and related expenses</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">7,737</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">5,755</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">7,737</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">34.4%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total Non Current   Loans</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">71,655</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">66,280</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">5,375</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">8.1%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total Loans</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" 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:.7pt 0in .7pt 0in;width:10.74%;">
<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;">91,357</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" 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:.7pt 0in .7pt 0in;width:10.74%;">
<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;">88,695</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" 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:.7pt 0in .7pt 0in;width:10.74%;">
<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;">2,662</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" 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:.7pt 0in .7pt 0in;width:10.64%;">
<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;">3.0%</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<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="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Cash and cash equivalents, and Financial   Investments</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">19,756</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">15,303</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.74%;">
<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;">4,453</font></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:.7pt 0in .7pt 0in;width:10.64%;">
<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;">29.1%</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:.7pt 0in .7pt 0in;width:46.42%;">
<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 Financial   Position - Cash (Debt)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Times New Roman" 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:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(71,601)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" 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:.7pt 0in .7pt 0in;width:10.74%;">
<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;">(73,392)</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" 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:.7pt 0in .7pt 0in;width:10.74%;">
<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;">1,791</font></b></p>    </td>
<td width="2%" valign="top" style="padding:.7pt 0in .7pt 0in;width:2.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="gray" face="Times New Roman" 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:.7pt 0in .7pt 0in;width:10.64%;">
<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;">-2.4%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="10" style="height:.1in;">
<td width="33%" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">12</font></p>    </td>
<td width="33%" height="10" valign="top" style="height:.1in;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>
<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="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="right" style="margin:0in .55in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman"><img border="0" width="80" height="43" src="g97111be15i001.jpg"></font></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>
<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;">First Quarter- Fiscal Year 2019</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 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 .2in;text-indent:-.2in;"><b><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;font-weight:bold;">3-</font></b><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font color="#3366ff" face="Arial" style="color:#3366FF;font-weight:bold;">Segment Information</font></u></b></p>
<p style="margin:1.0pt 0in .0001pt .2in;"><b><i><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;font-style:italic;font-weight:bold;">(Segment information for periods ended as of March&nbsp;31 of 2019 and 2018 as analyzed by the Executive Committee and the CEO, who receive periodically the financial information of Telecom and its subsidiaries (in historical values))</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="97%" style="border-collapse:collapse;margin-left:.2in;">
<tr>
<td width="23%" style="border:solid gray 1.0pt;border-right:none;padding:.05in 0in .1in 0in;width:23.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-style:italic;font-weight:bold;">As   of March&nbsp;31, 2019</font></u></i></b></p>    </td>
<td width="1%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.78%;">
<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="8%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Services&nbsp;rendered<br>   in Argentina</font></b></p>    </td>
<td width="1%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Services&nbsp;rendered&nbsp;in</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;"><br>    <b>Argentina&nbsp;-&nbsp;Inflation</b><br>    <b>restatement</b></font></p>    </td>
<td width="1%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Services&nbsp;rendered&nbsp;in</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;"><br>    <b>Argentina&nbsp;restated</b><br>    <b>for inflation</b></font></p>    </td>
<td width="1%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Other&nbsp;abroad<br>   segments</font></b></p>    </td>
<td width="1%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Other abroad</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;"><br>    <b>segments -</b><br>    <b>restatement&nbsp;for</b><br>    <b>inflation</b></font></p>    </td>
<td width="1%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Other&nbsp;abroad</font></b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;"><br>    <b>segments&nbsp;restated</b><br>    <b>for inflation</b></font></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" bgcolor="#EEECE1" style="background:#EEECE1;border-bottom:solid gray 1.0pt;border-left:none;border-right:none;border-top:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="0%" style="border:solid gray 1.0pt;border-left:none;padding:.05in 0in .1in 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border:solid gray 1.0pt;border-left:none;padding:.05in 0in .1in 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.5pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">40,005</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">1,758</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">41,763</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">2,684</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">120</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">2,804</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(239)</font></b></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">44,328</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.0pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Operating costs (without depreciation, amortization, and impairment   of PP&amp;E and intangible assets)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(26,521)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(1,627)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(28,148)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(1,846)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(82)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(1,928)</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">239</font></b></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(29,837)</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.5pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Operating Income before D&amp;A</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">13,484</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">131</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">13,615</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">838</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">38</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">876</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">-</font></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">14,491</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.5pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Depreciation, amortization and impairment of PP&amp;E and intangible   assets</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(5,762)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(3,579)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(9,341)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(590)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(64)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(654)</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">-</font></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(9,995)</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.0pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Operating Income before D&amp;A</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">7,722</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(3,448)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">4,274</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">248</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(26)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">222</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">-</font></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">4,496</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Earnings from associates</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">103</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Debt financial expenses</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">(4,050)</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Other financial results, net</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">4,155</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Net income before income tax expenses</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">4,704</font></b></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Income tax expense</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">(3,425)</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:double gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">1,279</font></b></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<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>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Controlling Company</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">1,232</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Non-controlling interest</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:1.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid gray 1.0pt;padding:.7pt 0in .7pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.0pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:.05in 0in .1in 0in;width:23.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-style:italic;font-weight:bold;">As of March&nbsp;31, 2018</font></u></i></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Services&nbsp;rendered<br>   in&nbsp;Argentina</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Services rendered in</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Argentina -   Inflation</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">restatement</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Services rendered in</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Argentina   restated</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">for inflation</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Other&nbsp;abroad<br>   segments</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Other abroad</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">segments -</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">restatement for</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">inflation</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Other abroad</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">segments restated</font></b><font size="1" color="#3366ff" style="color:#3366FF;font-size:6.0pt;"><br>    </font><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">for inflation</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:.05in 0in .1in 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:.05in 0in .1in 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="#3366ff" face="Times New Roman" style="color:#3366FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:.05in 0in .1in 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.5pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">29,392</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">17,192</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">46,584</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">1,381</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">879</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">2,260</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(119)</font></b></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">48,725</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.0pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Operating costs   (without depreciation, amortization, and impairment of PP&amp;E and   intangible assets)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(18,057)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(10,843)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(28,900)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(923)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(588)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(1,511)</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">119</font></b></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(30,292)</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.5pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Operating Income   before D&amp;A</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">11,335</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">6,349</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">17,684</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">458</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">291</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">749</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:6.0pt;">-</font></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">18,433</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.5pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Depreciation,   amortization and impairment of PP&amp;E and intangible assets</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(4,376)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(3,641)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(8,017)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(291)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(186)</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(477)</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.5pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:6.0pt;">-</font></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border-bottom:solid gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">(8,494)</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="border-bottom:solid gray 1.0pt;border-left:solid gray 1.0pt;border-right:none;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Operating Income   before D&amp;A</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">6,959</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">2,708</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">9,667</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">167</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">105</font></b></p>    </td>
<td width="1%" style="border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">272</font></b></p>    </td>
<td width="1%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" bgcolor="#EEECE1" style="background:#EEECE1;border:none;border-bottom:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:6.0pt;">-</font></p>    </td>
<td width="0%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">9,939</font></b></p>    </td>   </tr>
<tr>
<td width="23%" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Earnings from associates</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">78</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Debt financial expenses</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">(749)</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Other financial results, net</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">4,566</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Net income before income tax expenses</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">13,834</font></b></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Income tax expense</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">(2,433)</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:double gray 1.5pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">11,401</font></b></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<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>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Controlling Company</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">11,374</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:23.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">Non-controlling interest</font></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.78%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.54%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.3%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.46%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.88%;">
<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="8%" style="padding:1.45pt 0in 1.45pt 0in;width:8.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.7%;">
<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="9%" style="padding:1.45pt 0in 1.45pt 0in;width:9.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" style="padding:1.45pt 0in 1.45pt 0in;width:1.36%;">
<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="7%" style="padding:1.45pt 0in 1.45pt 0in;width:7.28%;">
<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="0%" style="border:none;border-right:solid gray 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:.96%;">
<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="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:1.45pt 0in 1.45pt 0in;width:5.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:6.0pt;">27</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;">
<tr height="10" style="height:.1in;">
<td width="33%" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="33%" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">13</font></p>    </td>
<td width="33%" height="10" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:33.34%;">
<p align="right" style="margin:0in .5in .0001pt 0in;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>
<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="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="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="80" height="48" src="g97111be17i001.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>
<p align="center" style="line-height:12.0pt;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="line-height:12.0pt;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="line-height:12.0pt;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;">First Quarter- Fiscal Year 2019</font></i></b></p>
<p align="center" style="line-height:12.0pt;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" color="#3366ff" face="Arial" style="color:#3366FF;font-size:5.0pt;">&nbsp;</font></p>
<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>
<p style="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;">4-</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; </font><b><u><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">Consolidated Income Statements - restated by inflation (constant figures)</font></u></b></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:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.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="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">03/31/19</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">03/31/18</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&#8710; $</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<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;">&#8710; %</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">44,328</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">48,725</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(4,397)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">-9.0%</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Consolidated Operating Costs</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(39,832)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(38,786)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(1,046)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">2.7%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">4,496</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">9,939</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(5,443)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">-54.8%</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">208</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">3,895</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(3,687)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">4,704</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">13,834</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(9,130)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">-66.0%</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Income tax expense</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(3,425)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(2,433)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(992)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">40.8%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">1,279</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">11,401</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(10,122)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">-88.8%</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Controlling Company</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">1,232</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">11,374</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(10,142)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">-89.2%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Non-controlling interest</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">47</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">27</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">14,491</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">18,433</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(3,942)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">-21.4%</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">As % of Revenues</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">32.7%</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">37.8%</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">03/31/19</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">03/31/18</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><b><font size="1" color="#3366ff" face="Arial" style="color:#3366FF;font-size:9.0pt;font-weight:bold;">&#8710; $</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">&#8710; %</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<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 Financial   results</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-style:italic;">Debt financial   expenses</font></i></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interests on debts</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(1,499)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(721)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(778)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">107.9%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt 17.3pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Foreign currency exhange differences on debts</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(2,551)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(2,523)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">Total Debt financial   expenses</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(4,050)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(749)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(3,301)</font></b></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interest   and gains of investments</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">522</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">442</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">80</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">18.1%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Taxes   and bank expenses</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(392)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(526)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">134</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">-25.5%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Other   foreign currency exhange differences</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">691</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">73</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">618</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">846.6%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial   discounts of assets, debts and diverse</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><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="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">56</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">82</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(26)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Interest   on provisions</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(271)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(159)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(112)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">70.4%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Quinquennial   financial costs</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">21.7%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-style:italic;">RECPAM*</font></i></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">3,621</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">4,669</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">(1,048)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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;">-22.4%</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Others</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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)</font></p>    </td>
<td width="1%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:9.0%;">
<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="57%" valign="bottom" style="padding:0in 0in .7pt 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><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="1%" valign="top" style="padding:0in 0in .7pt 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid gray 1.0pt;padding:0in 0in .7pt 0in;width:9.0%;">
<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;">4,155</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in .7pt 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid gray 1.0pt;padding:0in 0in .7pt 0in;width:9.0%;">
<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;">4,566</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in .7pt 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid gray 1.0pt;padding:0in 0in .7pt 0in;width:9.0%;">
<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;">(411)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in .7pt 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid gray 1.0pt;padding:0in 0in .7pt 0in;width:9.0%;">
<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;">-9.0%</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><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="1%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:1.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:9.0%;">
<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</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:9.0%;">
<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;">3,817</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:9.0%;">
<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;">(3,712)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:1.56%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:.7pt 0in 0in 0in;width:9.0%;">
<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="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&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="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.82%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" color="gray" face="Arial" style="color:gray;font-size:8.0pt;font-style:italic;">* Inflation   restatement gain / (loss)</font></i></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.56%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;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="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">14</font></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 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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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><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="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.16%;">
<p style="line-height:14.0pt;margin:0in .2in .0001pt 0in;text-align:justify;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img border="0" width="76" height="43" src="g97111be19i001.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>
<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><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<br>  <i>First Quarter - Fiscal Year 2019<br>  </i>(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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="96%" colspan="10" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:96.5%;">
<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;">Breakdown of the Income Statements - restated by   inflation (constant figures)</font></u></b></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="96%" colspan="10" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:96.5%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" color="#3365ff" face="Arial" style="color:#3365FF;font-size:9.0pt;font-style:italic;font-weight:bold;">(Revenues as of 2018 restated to 2019 values   include a variation coming from the restatement of approximately 37.0% vs. a   restatement variation of 4.2% for revenues as of 2019)</font></i></b></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="#7f7f7f" face="Arial" style="color:#7F7F7F;font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<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 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">03/31/19</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">03/31/18</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 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;">&#916; $</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 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;">&#916; %</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">41,521</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">45,219</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">(3,698)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">-8.2%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">14,813</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">17,443</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(2,630)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-15.1</font></b><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">10,152</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">10,801</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(649)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-6.0</font></b><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">9,575</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">10,536</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(961)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-9.1</font></b><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">6,865</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">6,208</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">657</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">10.6</font></b><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">116</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">231</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(115)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-49.8</font></b><b><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Times New Roman" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">REVENUES   FROM EQUIPMENT SALES</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">2,807</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">3,506</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">(699)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">-19.9%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">REVENUES</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">44,328</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">48,725</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">(4,397)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="#3265ff" face="Arial" style="color:#3265FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">-9.0%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<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="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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;">6-</font></b></p>    </td>
<td width="96%" colspan="10" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:96.5%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" color="#3365ff" face="Arial" style="color:#3365FF;font-size:10.0pt;font-weight:bold;">Consolidated   Income Statements - restated by inflation (constant figures)</font></u></b></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="96%" colspan="10" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:96.5%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" color="#3366ff" face="Arial" style="color:#3366FF;font-size:10.0pt;font-style:italic;font-weight:bold;">(Allows the understanding of the variations of the Income Statement   in real terms)</font></i></b></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Times New Roman" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Times New Roman" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 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;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 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;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<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="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 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" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">03/31/19</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 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" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">03/31/18</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 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" style="padding:1.45pt 0in 1.45pt 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;">&#916; $</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 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" style="padding:1.45pt 0in 1.45pt 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;">&#916; </font></b><b><font size="1" color="#3265ff" face="Arial" style="color:#3265FF;font-size:9.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">44,328</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">48,725</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(4,397)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-9.0%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(8,783)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(8,289)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(494)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">6.0%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(1,466)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(1,507)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">41</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-2.7%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(4,504)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(4,270)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(234)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">5.5%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(3,483)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(3,910)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">427</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-10.9%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Commissions and advertising</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(2,518)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(2,881)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">363</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-12.6%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(2,182)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(2,619)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">437</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-16.7%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(3,412)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(3,413)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">0.0%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Bad debt expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(1,448)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(972)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">49.0%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(2,041)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(2,431)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">390</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-16.0%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(29,837)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(30,292)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">455</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-1.5%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">14,491)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">18,433</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(3,942)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-21.4%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<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, intangible assets and rights of use</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(9,995)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(8,494)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(1,501)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">17.7%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">4,496</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">9,939</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(5,443)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-54.8%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">103</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">25</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">32.1%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Financial results, net</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">105</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">3,817</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(3,712)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">4,704</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">13,834</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(9,130)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-66.0%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Income tax expense</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(3,425)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(2,433)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(992)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">40.8%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">1,279</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">11,401</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(10,122)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-88.8%</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Attributable to:</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Controlling Company</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">1,232</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">11,374</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">(10,142)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">-89.2%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<tr>
<td width="3%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:3.5%;">
<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="45%" valign="top" style="padding:1.45pt 0in 1.45pt 0in;width:45.5%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:9.0pt;">Non-controlling interest</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">47</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">27</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">20</font></p>    </td>
<td width="2%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="gray" face="Arial" style="color:gray;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:10.0%;">
<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;">74.1%</font></p>    </td>
<td width="1%" valign="bottom" style="padding:1.45pt 0in 1.45pt 0in;width:1.0%;">
<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>
<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 align="center" style="margin:0in .2in .0001pt 0in;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;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="margin:0in .2in .0001pt 0in;text-align:center;"><font size="2" color="gray" face="Arial" style="color:gray;font-size:10.0pt;">15</font></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>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
<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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
<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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
<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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
<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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
<p style="margin:0in 0in .0001pt 13.75pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;&nbsp;&nbsp;&nbsp;May&nbsp;9,   2019</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.0%;">
<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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel P. Blasi</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsible for   Market Relations</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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begin 644 g97111be01i001.jpg
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end
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<DOCUMENT>
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end
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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
