<SEC-DOCUMENT>0001104659-19-064580.txt : 20191115
<SEC-HEADER>0001104659-19-064580.hdr.sgml : 20191115
<ACCEPTANCE-DATETIME>20191115101256
ACCESSION NUMBER:		0001104659-19-064580
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191115
FILED AS OF DATE:		20191115
DATE AS OF CHANGE:		20191115

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:		191222862

	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>a19-22818_16k.htm
<DESCRIPTION>6-K
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Arial" style="font-size:1.0pt;">&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="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;"><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="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:4.0pt;">&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="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;">Report of Foreign Private Issuer</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Pursuant to Rule&nbsp;13a-16 or 15d-16</font></b></p>
<p align="center" style="margin: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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">For the month of November&nbsp;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 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Commission File Number: 001-13464</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">Telecom </font></b><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">Argentina S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Translation of registrant&#146;s name into English)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alicia Moreau de Justo, No.&nbsp;50, 1107</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Buenos Aires, Argentina</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<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;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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<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;">Yes</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<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>
<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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<table border="0" cellspacing="0" cellpadding="0" width="47%" style="border-collapse:collapse;">
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<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;">Yes</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<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>
<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 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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">TABLE OF CONTENTS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Item</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman"><a href="#UnauditedCondensedConsolidatedFi_124625" title="Click to goto "><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">Financial information consisting of a free translation of (i)&nbsp;Telecom Argentina&#146;s Operating Financial Review and Prospects, and (ii)&nbsp;the Unaudited Condensed Consolidated Financial Statements of Telecom Argentina as of September&nbsp;30, 2019.</i></b></font></a></font></p>
<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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Unaudited Condensed Consolidated Financial Statements as of September&nbsp;30, 2019</font></b><a name="UnauditedCondensedConsolidatedFi_124625"></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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alicia Moreau de Justo 50</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">(1107) Ciudad Aut&#243;noma de Buenos Aires</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">$: Argentine peso</font></b></p>
<p style="margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">US$: US dollar</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">$57.59 = US$1</font></b><b><font face="Arial" style="font-weight:bold;"> as of September&nbsp;30, 2019</font></b></p>
<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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">AS OF SEPTEMBER 30, 2019 AND 2018</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">INDEX</font></u></b><a name="TableOfContents"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:22.5pt;">
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#OPERATINGANDFINANCIALREVIEWANDPR_075731" title="Click to goto "><b><font face="Arial" style="font-weight:bold;">Operating and Financial   Review and Prospects</font></b></a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;text-indent:-10.0pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Unaudited   consolidated financial statements</font></u></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFFINANCIA_083104" title="Click to goto "><font face="Arial">Unaudited consolidated statements of financial   position</font></a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-1</font></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDINCOMESTATEMENTS_083119" title="Click to goto "><font face="Arial">Unaudited consolidated income statements</font></a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-2</font></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCOMPREHE_083129" title="Click to goto "><font face="Arial">Unaudited consolidated statements of comprehensive   income</font></a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-3</font></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCHANGESI_075131" title="Click to goto "><font face="Arial">Unaudited consolidated statements of changes in   equity</font></a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-4</font></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCASHFLOW_085542" title="Click to goto "><font face="Arial">Unaudited consolidated statements of cash flows</font></a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-5</font></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:4.0pt 0in .0001pt 20.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NOTESTOTHEUNAUDITEDCONSOLIDATEDF_093432" title="Click to goto "><font face="Arial">Notes to the unaudited consolidated financial   statements</font></a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-6</font></p>    </td>   </tr>
<tr>
<td width="90%" valign="top" style="padding:0in 0in 0in 0in;width:90.44%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CORPORATEINFORMATION_125006" title="Click to goto "><b><font face="Arial" style="font-weight:bold;">Corporate information</font></b></a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">F-37</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>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS AS OF SEPTEMBER 30, 2019</font></u></b><a name="OPERATINGANDFINANCIALREVIEWANDPR_075731"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos or as expressly indicated)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">General considerations</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As required by CNV regulations, the Company has prepared its unaudited consolidated financial statements as of September&nbsp;30, 2019 under IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As provided under Resolution No.&nbsp;777 issued by the CNV on December&nbsp;28, 2018, this Report discloses the comparative balances for the nine-month period ended September&nbsp;30, 2018, restated to current currency as of September&nbsp;30, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:45.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below shows the evolution of the National Consumer Price Index (National CPI with the characteristics identified in Note 1.e) to the consolidated financial statements) of the last three years and as of September&nbsp;30, 2019 and 2018 according to official statistics (INDEC) used for the preparation of this operating and financial review and prospects and the accompanying financial statements:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="34%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As   of<br>   December&nbsp;31,<br>   2016</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As   of<br>   December&nbsp;31,<br>   2017</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As   of<br>   December&nbsp;31,<br>   2018</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As   of<br>   September&nbsp;30,<br>   2018</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As   of<br>   September&nbsp;30,<br>   2019</font></u></b></p>    </td>   </tr>
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<td width="34%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="34%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="34%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation   in Prices</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual </font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">34.6%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">24.7%</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">47.6%</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">40.4%</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">53.7%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="34%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 years</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">102.2%</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">96.6%</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">147.8%</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">137.4%</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">159.9%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="34%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since   June, 2019</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">14.1%</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">12.5%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="34%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 9 months</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">32.3%</font></p>    </td>
<td width="13%" height="4" valign="bottom" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">37.7%</font></p>    </td>   </tr>  </table>
</div>
<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;">As established by the rules&nbsp;of the CNV, it will be included comparative information restated to current currency as of the closing date until reaching five comparative fiscal years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">2.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Telecom&#146;s activities for the nine-month periods ended September&nbsp;30, 2019 (&#147;9M19&#148;) and 2018 (&#147;9M18&#148;)</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="83%" style="border-collapse:collapse;">
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Variation</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9M19</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9M18</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues </font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">159,699</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">177,898</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(18,199)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10.2)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Employee benefit expenses and severance payments</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(30,408)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(31,105)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">697</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2.2)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Interconnection and transmission costs </font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,102)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,701)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">599</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10.5)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fees for services, maintenance, materials and supplies</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(17,223)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(17,246)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">23</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(0.1)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Taxes and fees with the Regulatory Authority</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,509)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14,319)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,810</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12.6)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Commissions and advertising</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,538)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,312)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,774</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(15.7)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cost of equipment and handsets</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,495)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,162)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,667</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(26.2)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Programming and content costs</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,043)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,760)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">717</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5.6)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,348)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,553)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(795)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">22.4</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other operating income and expenses</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,814)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,597)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,783</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(18.6)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible   assets and Rights of use assets</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(38,820)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(33,807)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,013)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14.8</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,399</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">28,336</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(13,937)</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(49.2)</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from associates</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(204)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">209</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(413)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(197.6)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(14,360)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(</font><font size="1" face="Arial" style="font-size:8.0pt;">51,520</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">37,160</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(72.1)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Loss before income tax (expense) benefit</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(165)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(22,975)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22,810</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(99.3)</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax (expense) benefit</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,532)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,291</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(23,823)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(211.0)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net loss</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,013)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8.7</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<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="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<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="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Controlling Company</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,941)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,758)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,183)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10.1</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:57.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling interest</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">244</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">74</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">170</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">229.7</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,013)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8.7</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:1.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt 12.65pt;text-align:right;text-indent:-12.65pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt 12.65pt;text-align:right;text-indent:-12.65pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Basic and diluted loss per share attributable to the Controlling   Company (in pesos)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(6.01)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:10.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(5.46)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.12%;">
<p align="right" style="margin:0in 0in .0001pt 12.65pt;text-align:right;text-indent:-12.65pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 1.5pt 0in 1.5pt;width:9.14%;">
<p align="right" style="margin:0in 0in .0001pt 12.65pt;text-align:right;text-indent:-12.65pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:11.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Revenues</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During 9M19 consolidated revenues showed a decrease of 10.2% (-$18,199 vs. 9M18) amounting to $159,699. This is due to the Mobile,&nbsp;Internet and Cable Television service revenues and equipment revenues, partially offset by higher Fixed and Data Services revenues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Services revenues amounted to $149,641 (-8.9% vs. 9M18) and represent 93.7% of revenues. Mobile services revenues amounted to $54,829 in 9M19 (-$7,028 vs. 9M18),&nbsp;Internet Services revenues amounted to $35,859 in 9M19 (-$4,144 vs. 9M18) and the Cable Television Services revenues amounted to $33,390 in 9M19 (-$4,893 vs. 9M18) and fixed telephony and data service revenues amounted to $25,021 (+$1,724 vs. 9M18). Equipment revenues decreased 26.0%, amounting to $10,058 and represent 6.3% of revenues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Total Revenues include $21,821 and $78,404 related to the effect of restatement in terms of current currency as of September&nbsp;30, 2019 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Mobile Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mobile services revenues amounted to $54,829 (-$7,028 or -11.4% vs. 9M18), being the main business in term of service revenues </font><font face="Arial">(36.6% and 37.6% of services revenues in 9M19 and </font><font face="Arial">9M18</font><font face="Arial">, respectively</font><font face="Arial">). The variation was mainly due to mobile services revenues in Argentina, which amounted to $47,525 (-$7,730 or -14.0% vs. 9M18), due to the decrease of 8.3% in ARPU, partially offset by an increase in the customers&#146; base of 2.7 %.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in mobile services revenues amounts to $7,436 and $27,346 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal&#146;s mobile customers amount to 19.0 million and 18.5 million as of September&nbsp;30, 2019 and 2018, respectively, of which 7.5 million and 7.0 million correspond to postpaid customers, respectively. The main ratios related to the services provided to these customers were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">60% of total are prepaid customers, and 40% consist of postpaid customers as</font><font face="Arial"> of September&nbsp;30, 2019, while </font><font face="Arial">it amounts to 62% and 38% respectively, as of September&nbsp;30, 2018.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Mobile Internet services revenues are equivalent to 76% of Personal&#146;s customers total services revenues.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The monthly average revenue per user (&#147;ARPU&#148;) is $281.1 pesos in 9M19 (vs. $306.5 pesos in 9M18), representing a -8.3% variation. The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in ARPU amounts to $39.9 pesos and $135.7 pesos in 9M19 and 9M18, respectively.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The average churn rate per month amounted to 2.1% in 9M19 (vs. 2.7% average in 9M18).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;30, 2019, all services identified under Nextel brand (including the radio service over IDEN network) were discontinued. Therefore, through its corporate services brand Fibercorp | Telecom, presented &#147;Smart Radio&#148;, a new option to continue communicating for its customers and their businesses. Smart Radio is a new service for direct and immediate voice connections with multimedia messaging for companies and governments, which offers the best benefits of Personal 3G / 4G network and also for WiFi. In addition, hard equipment was incorporated, such as CAT S31 and Cyrus CM17, which have dedicated buttons specially designed for work contexts, either in a construction or in a factory.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Regarding infrastructure, the Company continued to enhance the mobile internet experience of its customers through the deployment of its 4G and 4G+ network throughout the country, which currently covers more than 1,670 locations from La Quiaca to Ushuaia, and reaching more than 13.4 million customers with 4G devices throughout the country. Accompanying these improvements, through a massive communication campaign, the 4G Personal Network was promoted as the fastest in the country -based on the results of international benchmarks that measure network standards through the worldwide experience of customers-.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, in the first months of this year, Personal and Fibertel brands came together to offer the best Wi-Fi connectivity and 4G service experience, with benefits for their Club Personal customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mobile services revenues generated in Paraguay amounted to $7,304 (+$702 or +10.6% vs. 9M18) due to the appreciation of the Guaran&#237; against the Argentine Peso by 23.3% and to the increase in ARPU, while the customer base remained stable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The main ratios related to the mobile services in Paraguay were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">N&#250;cleo&#146;s mobile customers amount to 2.3 million as of September&nbsp;30, 2019 and 2018.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Approximately 83% of total customers consist of prepaid customers, and 17% consist of postpaid customers as</font><font face="Arial"> of September&nbsp;30, 2019 and </font><font face="Arial">2018.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The monthly ARPU amounted to $302.6 pesos in 9M19 (vs. $271.5 pesos in 9M18), representing a 11.4% increase. This increase is mainly due to a 6.7% increase in the ARPU in Guaran&#237;es in addition to the variation of the average exchange rate.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The average churn rate per month amounted to 3.2% in 9M19 (vs. 3.0% in 9M18).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Internet Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Internet services revenues amounted to $35,859 in 9M19 (-$4,144 or -10.4% vs. 9M18) driven mainly by the variation in the broadband ARPU of -11.2%, which reached $967.2 pesos in 9M19 vs. $1,089.0 pesos in 9M18. The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in ARPU amounts to $137.3 pesos and $482.3 pesos in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It should be noted that customers with service of 20Mb or higher represent 59.2% and 34.7% of the total customer base as of September&nbsp;30, 2019 and 2018, respectively. These revenues represent a 49% and 35% of total Internet services revenues as of September&nbsp;30, 2019 and 2018, respectively. Within this range there are customers who have plans of 100 Mb and 300 Mb (recently released to the market), that as of September&nbsp;30, 2019 amount to 390,314 and 195,695, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Internet services churn rate per month amounted to 1.5% and 1.3% as of September&nbsp;30, 2019 and 2018, respectively, maintaining stable the subscriber base in 9M19, which amounts to 4.1 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in internet services revenues amounts to $4,918 and $17,555 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Cable Television Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cable Television service revenues amounted to $33,390 in 9M19 (-$4,893 or -12.8% vs. 9M18). The variation is mainly due to the effects of the ARPU and a lower customer base of approximately 1.6%. The ARPU has decreased by 11.6%, reaching $1,065.7 pesos in the 9M19 vs. $1,205.2 pesos in 9M18. The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in ARPU amounts to $151.3 pesos and $533.8 pesos in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The average monthly churn of 9M19 amounted to approximately 1.3% (vs. 1.2% in 9M18).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in Cable television services revenues amounts to $4,612 and $16,866 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Fixed Telephony and Data Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Fixed Telephony and data services revenues amounted to $25,021 (+$1,724 or +7.4% vs. 9M18), mainly due the increase in data services in the context of the Company&#146;s position as an integrated ICT service provider (Datacenter, VPN, among others) in wholesale and government customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in Fixed and Data services revenues amounts to $3,381 and $10,211 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In relation to Fixed telephony services, there have been increases in monthly fees charged to both corporate and residential fixed telephony customers, and in greater sales of combined product packs that include voice and Internet services, that aim to achieve higher levels of customer loyalty, partially offset by a 11.7% decrease in fixed telephony customers&#180; base as compared to 9M18. The average monthly revenue billed per user (&#147;ARBU&#148;) of fixed telephony services has reached $390.1 pesos in 9M19 vs. $378.5 pesos in 9M18. The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in ARBU amounts to $55.4 pesos and $167.6 pesos in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the increase in Data services revenues, is mainly due to the variation of the $/US$ exchange rate related to agreements settled in such foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Equipment</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Equipment revenues amounted to $10,058 (-$3,536 or -26.0% vs. 9M18). This variation is mainly due to lower handsets sold as compared to 9M18 (-31%), partially offset by an approximately 71% increase in handset sale prices to the mobile services customers as compared to 9M18.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It is important to highlight that the Company, in terms of devices, continued to promote the updating of the handsets with financed offers and special discounts focused on the convergence of services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in Equipment revenues amounts to $1,408 and $6,010 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Operating costs without depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of Use assets</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Consolidated operating costs amounted to $106,480 in 9M19, which represents a decrease of $9,275 or -8.0% vs. 9M18. These lower costs are mainly associated with the decrease in Taxes and fees with the Regulatory Authority, Commissions and advertising and Cost of equipment and handsets,&nbsp;Interconnection and transmission costs, Programming and content costs and Employee benefit expenses and severance payments partially offset by an increase in the charge for bad debt expenses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in Operating costs amounts to $15,583 and $51,457 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The costs breakdown is mainly as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Employee benefit expenses and severance payments</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Employee benefit expenses and </font><font face="Arial">severance payments amounted to $30,408 in 9M19 </font><font face="Arial">(-$697 or -2.2% </font><font face="Arial">vs. 9M18). The decrease is mainly due to a decrease in headcount of 5.9%, which amounted to 24,266 employees in 9M19 (vs. 25,775 in 9M18), partially offset by increases in salaries agreed by the Company with several trade unions with respect to unionized employees as well as to non-unionized employees, together with related social security charges, as well as higher charges for dismissals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in Employee benefit expenses and severance payments amounts </font><font face="Arial">to </font><font face="Arial">$4,178 and $13,680 in</font><font face="Arial"> 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Interconnection and transmission costs</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Interconnection and transmission costs, which also includes charges for roaming, cost of international outbound calls and lease of lines and circuits, decreased, amounted to $5,102 in 9M19 </font><font face="Arial">(-$599 </font><font face="Arial">or</font><font face="Arial"> -10.5%</font><font face="Arial"> vs. 9M18), mainly due to operating efficiencies as of </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2019 as compared to </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2018, partially offset by greater traffic and increases in the exchange rate in relation to services set in US$.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms </font><font face="Arial">of the current currency as of September&nbsp;30, 2019 included in Interconnection and transmission costs amounts to $698 and $2,498 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fees for services, maintenance, materials and supplies</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Fees for services, maintenance, materials and supplies amounted to $17,223 in 9M19 </font><font face="Arial">(-$23 or -0.1%</font><font face="Arial"> vs. 9M18). This effect was mainly due to higher technical, hardware and software maintenance costs due to the increase in prices and fluctuation of the exchange rate $/US$, partially offset by processes synergies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in Fees for services, maintenance, materials and supplies amounts to $2,610 and $7,830 in 9M19 and 9M18</font><font face="Arial">, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Taxes and fees with the Regulatory Authority</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes and fees, decreased, amounted to $12,509 in 9M19 (-$1,810 or -12.6% vs. 9M18). This decrease corresponds mainly to the effect of the decrease in sales in 9M19 vs. 9M18 partially offset by the impact of the application of ENACOM Resolution No.&nbsp;840/2018 that introduced changes in the determination of the radioelectric rights fee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 </font><font face="Arial">included in Taxes and fees with the </font><font face="Arial">Regulatory Authority amounts to $1,722 and $6,310 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Commissions and advertising</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Commissions (including commissions paid to agents, collections commissions and other commissions) and advertising amounted to $9,538 in 9M19 (-$1,774 or -15.7% vs. 9M18). The decrease is due to lower charges for agent commissions as a result of the reorganization of the sales channel, to a decrease in equipments sold and to a slight decrease in advertising due to the synergies after the merger of 2018 that allowed reducing costs even with greater presence in various media, partially offset by higher collections fees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in </font><font face="Arial">terms of the current currency as of September&nbsp;30, 2019 included in Commissions and advertising amounts to $1,287</font><font face="Arial"> and $4,979 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cost of equipment and handsets</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cost of equipment and handsets sold amounted to </font><font face="Arial">$7,495 in 9M19 (-$2,667 or -26.2% </font><font face="Arial">vs. </font><font face="Arial">9M18</font><font face="Arial">). $7,086 of this amount correspond to cost of handsets sold in Argentina, which decreased 26.9% vs. 9M18, mainly due to lower handsets sold as compared to 9M18 (-31%), partially offset by the increase in the purchase prices of handsets as compared to 9M18.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of September&nbsp;30, 2019 included in Cost of equipment and handsets amounts </font><font face="Arial">to $1,724 and $4,792 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Programming and content costs</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Programming and content costs decreased in 9M19 amounting to $12,043 </font><font face="Arial">(-$717 or -5.6</font><font face="Arial">% vs. 9M18) mainly due to operative efficiencies in 9M19 in relation to 9M18, partially offset by the increase in the cost of signals, including the cost of signals to broadcast live soccer matches of the first division of the Argentine Football Association.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2019 included in Programming and content costs amounts to $1,672 and $5,616 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Bad debt expenses</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Bad debt expenses amounted to </font><font face="Arial">$4,348 (+$795 or +22.4</font><font face="Arial">% vs. 9M18). The increase is related to the reduction in the level of collections. Bad debt expenses represent 2.7% and 2.0% of the consolidated revenues in 9M19 and in 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It is worth mentioning that this quarter has shown an improvement over the previous quarters, as a result of several actions that are being taken to anticipate and mitigate the negative impacts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2019 included in Bad debt expenses amounts to $617 and $1,563 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Other operating income and expenses</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Other operating income and expenses include provisions, energy and other public services, insurance, leases and internet capacity, among others. The decrease is mainly due to a decrease in operating leases due to the application of IFRS 16, as explained in Note 1.f) to the Consolidated Financial Statements partially offset by increases in energy costs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect generated by the restatement in terms of the current currency as of </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2019 included in Other operating income and expenses amounts to $1,075 and $4,189 in 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of use assets</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of use assets amounted to </font><font face="Arial">$38,820 (+$5,013 or +14.8% </font><font face="Arial">vs. 9M18). The increase is due to the impact of the amortization of the CAPEX subsequent to September&nbsp;30, 2018 as a consequence of the adjusted investment plan that the Company is developing and the effect of the application of IFRS 16 as of January&nbsp;1, 2019, as disclosed in Note 1.f) to these Consolidated Financial Statements of $2,114, partially offset by assets that have stopped amortizing in 9M19.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the effect generated by the restatement in terms of the current currency as of </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2019 </font><font face="Arial">included </font><font face="Arial">in Depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of use assets amounts to $18,705 and $18,555 in</font><font face="Arial"> 9M19 and 9M18, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:11.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Operating income</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating income amounted to </font><font face="Arial">$14,399 in 9M19 (-$13,937 or -49.2%</font><font face="Arial">vs. </font><font face="Arial">9M18</font><font face="Arial">), representing 9.0% over consolidated revenues represented in 9M19 (vs. 15.9% in </font><font face="Arial">9M18</font><font face="Arial">).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:11.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Financial results, net</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial results, net resulted in a loss of </font><font face="Arial">$14,360 and $51,520 </font><font face="Arial">in 9M19 and 9M18, respectively. The variation in Financial Results, net is mainly due to lower net losses in foreign currency exchange results of $47,842 (in terms of current currency). This lower loss is mainly related to the depreciation of the peso against the US$, that, during 9M19, was 53% vs. an inflation of 38%, while, in 9M18, the depreciation of the peso against the US$ was 121% vs. an inflation of 32%. Additionally, there were higher interest on debts of $2,570 and a lower </font><font face="Arial">restatement effect in terms of current currency</font><font face="Arial"> of </font><font face="Arial">$3,612 ($4,763 in 9M19 and $8,375 in </font><font face="Arial">9M18).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:11.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Income tax</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;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s income tax charge includes two effects: (i)&nbsp;the current tax payable for the year pursuant to tax legislation applicable to Telecom (considering the inflation adjustment); and (ii)&nbsp;the effect of applying the deferred tax method on temporary differences arising out of the asset and liability valuation according to tax versus financial accounting criteria.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax resulted in a loss of $12,532 and in a gain of $11,291 in 9M19 and 9M18, respectively. Current tax expenses amounted to $141 and $186 in 9M19 and 9M18, respectively. Additionally, deferred tax losses amounted to $12,391 in 9M19 and deferred tax gains amounted to $11,477 in 9M18.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Net loss</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina recorded a net loss of $12,697 in 9M19 vs. a net loss of $11,684 in 9M18. Net loss attributable to controlling shareholders amounted to $12,941 in 9M19</font><font face="Arial"> vs. $11,758 in 9M18</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:11.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Financial position, net</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The consolidated financial position, net (that is: Cash and cash equivalents plus Financial investments and IFD less Financial debts) is debt and totaled $105,427 and $90,368 as of </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2019 and as of December&nbsp;31, 2018, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:11.0pt;font-weight:bold;">&#183;</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Capital expenditures (CAPEX) and Rights of use additions</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CAPEX and Rights of use additions composition in 9M19 and 9M18 is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:5.75pt;">
<tr height="16" style="height:12.25pt;">
<td width="41%" height="16" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:41.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="2" height="16" style="background:white;border:solid windowtext 1.0pt;border-left:none;height:12.25pt;padding:0in 0in 0in 0in;width:30.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">In millions of $</font></b></p>    </td>
<td width="27%" colspan="2" height="16" style="background:white;border:solid windowtext 1.0pt;border-left:none;height:12.25pt;padding:0in 0in 0in 0in;width:27.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Variation 9M19 vs. 9M18</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="41%" height="16" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:41.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="16" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">9M19</font></b></p>    </td>
<td width="15%" height="16" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">9M18</font></b></p>    </td>
<td width="13%" height="16" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:13.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="13%" height="16" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.25pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="41%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:41.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">PP&amp;E</font></p>    </td>
<td width="15%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">39,319</font></p>    </td>
<td width="15%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">38,714</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">605</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="41%" height="16" style="height:12.25pt;padding:0in 0in 0in 0in;width:41.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Intangibles assets</font></p>    </td>
<td width="15%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,111</font></p>    </td>
<td width="15%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,528</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(</font><font size="1" face="Arial" style="font-size:8.0pt;">2,417</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(</font><font size="1" face="Arial" style="font-size:8.0pt;">69</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="41%" height="17" style="height:12.95pt;padding:0in 0in 0in 0in;width:41.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Total   CAPEX&nbsp;&nbsp;</font></b></p>    </td>
<td width="15%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">40,430</font></b></p>    </td>
<td width="15%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">42,242</font></b></p>    </td>
<td width="13%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">812</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="13%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="41%" height="17" style="height:12.95pt;padding:0in 0in 0in 0in;width:41.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Rights of use assets</font></p>    </td>
<td width="15%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,509</font></p>    </td>
<td width="15%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="13%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,509</font></p>    </td>
<td width="13%" height="17" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr height="17" style="height:12.95pt;">
<td width="41%" height="17" style="height:12.95pt;padding:0in 0in 0in 0in;width:41.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total CAPEX and Rights of use additions</font></b></p>    </td>
<td width="15%" height="17" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">43,939</font></b></p>    </td>
<td width="15%" height="17" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 0in 0in 0in;width:15.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">42,242</font></b></p>    </td>
<td width="13%" height="17" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,697</font></b></p>    </td>
<td width="13%" height="17" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.95pt;padding:0in 0in 0in 0in;width:13.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and its subsidiaries&#146; main PP&amp;E CAPEX projects are related to the expansion of cable TV and internet services in order to improve the transmission and speed offered to customers; the deployment of 4G services to support the growth of mobile Internet services and improvement of the quality service together with the launch of innovative VAS services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, Telecom has unified the logic network and has defined the new physical transport network structure. It continued with the expansion of transmission and transport networks to join the different access technologies, converting the fixed copper networks to fiber or hybrid fiber-coaxial networks to meet, in this way, the demand of services of both fixed telephony and mobile services customers. Likewise, significant investments have also been made in the pricing, billing and customer relationship systems.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In relation to the additions of the Rights of Use,&nbsp;IFRS 16 provides that, from the years beginning on January&nbsp;1, 2019, the Company as lessee recognizes a right of use asset and a liability at present value for those contracts that meet the definition of lease contracts in accordance with such standard.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">3.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Telecom Group&#146;s activities for the three-month periods ended September&nbsp;30, 2019 (&#147;3Q19&#148;) and 2018 (&#147;3Q18&#148;)</font></i></b></p>
</div>
<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="77%" style="border-collapse:collapse;margin-left:5.75pt;">
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.66%;">
<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="21%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Variation</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3Q19</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3Q18</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">53,106</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">57,444</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,338)</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7.6)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Operating costs without depreciation and amortization</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(35,703)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(38,455)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,752</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7.2)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible   assets and Rights of use assets</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13,532)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,187)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,345)</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11.0</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,871</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,802</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,931)</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(43.1)</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from associates</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(390)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(401)</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(19,789)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(</font><font size="1" face="Arial" style="font-size:8.0pt;">29,452</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,663</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(32.8)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Loss before income tax (expense) benefit </font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(16,308)</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(22,639)</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,331</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(28.0)</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax (expense) benefit </font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,</font><font size="1" face="Arial" style="font-size:8.0pt;">959</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,160</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,119)</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(155.3)</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net loss</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(20,267)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(15,479)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,788)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">30.9</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Controlling Company</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(20,365)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(</font><font size="1" face="Arial" style="font-size:8.0pt;">15,476</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,889)</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">31.6</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling interest</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">98</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">101</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">n/a</font></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(20,267)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(15,479)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,788)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">30.9</font></b></p>    </td>   </tr>
<tr>
<td width="61%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.1pt;">
<td width="61%" height="20" valign="top" style="height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:61.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Basic and diluted loss per share attributable to the Controlling   Company (in pesos)</font></b></p>    </td>
<td width="11%" height="20" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(9.46)</font></b></p>    </td>
<td width="9%" height="20" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(7.19)</font></b></p>    </td>
<td width="9%" height="20" style="height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:9.36%;">
<p align="right" style="margin:0in 0in .0001pt 12.65pt;text-align:right;text-indent:-12.65pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="20" valign="top" style="height:15.1pt;padding:0in 1.5pt 0in 1.5pt;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt 12.65pt;text-align:right;text-indent:-12.65pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues in 3Q19 amounted to $53,106, operating costs -including depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of use assets- amounted to $49,235, operating income amounted to $3,871 &#150;equivalent to 7.3% of consolidated revenue vs. 11.8% in 3Q18- and net loss amounted to $20,267 &#150;equivalent to 38.2% of consolidated revenues vs. 26.9% in 3Q18. Net loss attributable to the Controlling Company amounted to $20,365.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Services revenues amounted to $49,994 in 3Q19 -equivalent to 94.1% of consolidated revenues-, and equipment revenues amounted to $3,112 in 3Q19 -equivalent to 5.9% of consolidated revenues-.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Mobile services revenues in 3Q19 amounted to $18,806 -equivalent to 37.6% of consolidated services revenues- which were mainly generated by Personal&#146;s customers in Argentina and Paraguay.</font></p>
<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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Internet services in 3Q19 amounted to $11,728 -equivalent to 23.5% of consolidated services revenues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, Cable Television revenues in 3Q19 amounted to $10,874 &#150;equivalent to 21.8% of consolidated service revenues- and they are mainly composed of services revenues provided in Argentina and Uruguay. Fixed and data services in 3Q19 amounted to $8,422 &#150;equivalent to 16.8% of consolidated service revenues-.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating costs without depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible Assets and Rights of use assets, amounted to $35,703 during 3Q19. The main components are employee benefit expenses and severance payments (which amounted to $10,234); fees for services, maintenance, materials and supplies (which amounted to $6,052); taxes and fees with the Regulatory Authority (which amounted to $4,055); programming and content costs (which amounted to $4,008); and commissions and advertising (which amounted to $3,262).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation, amortization and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of use assets amounted to $13,532 during 3Q19 -equivalent to 25.5% of consolidated revenues-, including the effect of the application of IFRS 16 as of January&nbsp;1, 2019, as disclosed in Note 1.f) to these Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating income for 3Q19 amounted to $3,871, resulting in a margin over consolidated revenues of 7.3% (vs. 11.8% in 3Q18).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial results, net resulted in a loss of $19,789 in 3Q19, mainly due to net foreign currency exchange losses amounting to $16,177 (in terms of current currency), interest on debts amounting to $2,702, partially offset by a gain of $2,428 related to </font><font face="Arial">restatement effect in terms of current currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina obtained a net loss of $20,267 in 3Q19, which represents 38.2% of consolidated revenues. Net loss attributable to the controlling shareholders amounted to $20,365 in 3Q19.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">4.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Summary of comparative consolidated statements of financial position</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="61%" style="border-collapse:collapse;">
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<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="33%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current assets</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">64,439</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">58,891</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-current assets</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">470,673</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">457,030</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total assets</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">535,112</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">515,921</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current liabilities</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">75,872</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">131,204</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-current liabilities</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">173,091</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">86,650</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total liabilities</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">248,963</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">217,854</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Equity attributable to the   Controlling Company</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">281,806</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">293,310</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Equity attributable   non-controlling interest</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">4,343</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,757</font></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total Equity</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">286,149</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">298,067</font></b></p>    </td>   </tr>
<tr>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total liabilities and equity</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">535,112</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">515,921</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="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">5.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Summary of comparative consolidated income statements</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="76%" style="border-collapse:collapse;">
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9M19</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9M18</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Revenues </font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">159,699</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">177,898</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Operating costs</font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(145,300)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(149,562)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">14,399</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">28,336</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from associates</font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(204)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">209</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial results, net</font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(14,360)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(51,520)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Loss before income tax   (expense) benefit</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(165)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(22,975)</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax (expense) benefit</font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(12,532)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">11,291</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net loss</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other comprehensive income, net of tax</font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(761)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">4,265</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total comprehensive income</font></b></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(13,458)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(7,419)</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Attributable to Controlling   Company</font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(13,671)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(8,598)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:69.1%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;Attributable to non-controlling   interest</font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">213</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,179</font></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="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">6.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Summary of comparative consolidated statements of cash flow</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr height="12" style="height:9.0pt;">
<td width="73%" height="12" valign="top" style="height:9.0pt;padding:0in 0in 0in 0in;width:73.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="12" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9M19</font></b></p>    </td>
<td width="11%" height="12" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9M18</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="73%" height="12" valign="top" style="height:9.0pt;padding:0in 0in 0in 0in;width:73.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net cash flows provided by operating activities</font></p>    </td>
<td width="15%" height="12" valign="bottom" bgcolor="white" style="background:white;height:9.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">55,787</font></p>    </td>
<td width="11%" height="12" valign="bottom" bgcolor="white" style="background:white;height:9.0pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">39,025</font></p>    </td>   </tr>
<tr height="6" style="height:4.85pt;">
<td width="73%" height="6" valign="top" style="height:4.85pt;padding:0in 0in 0in 0in;width:73.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net cash flows used in investing activities</font></p>    </td>
<td width="15%" height="6" valign="bottom" bgcolor="white" style="background:white;height:4.85pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(27,827)</font></p>    </td>
<td width="11%" height="6" valign="bottom" bgcolor="white" style="background:white;height:4.85pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(25,004)</font></p>    </td>   </tr>
<tr height="13" style="height:10.0pt;">
<td width="73%" height="13" valign="top" style="height:10.0pt;padding:0in 0in 0in 0in;width:73.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net cash flows used in financing activities </font></p>    </td>
<td width="15%" height="13" valign="bottom" bgcolor="white" style="background:white;height:10.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(960)</font></p>    </td>
<td width="11%" height="13" valign="bottom" bgcolor="white" style="background:white;height:10.0pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(12,541)</font></p>    </td>   </tr>
<tr height="9" style="height:6.6pt;">
<td width="73%" height="9" valign="top" style="height:6.6pt;padding:0in 0in 0in 0in;width:73.8%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net foreign exchange differences and RECPAM on cash   and cash equivalents</font></p>    </td>
<td width="15%" height="9" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:6.6pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">1,065</font></p>    </td>
<td width="11%" height="9" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:6.6pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">4,229</font></p>    </td>   </tr>
<tr height="6" style="height:4.75pt;">
<td width="73%" height="6" valign="top" style="height:4.75pt;padding:0in 0in 0in 0in;width:73.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Total cash and cash equivalents provided by during the period</font></p>    </td>
<td width="15%" height="6" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:4.75pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">28,065</font></b></p>    </td>
<td width="11%" height="6" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:4.75pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">5,709</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>
</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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">7.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Statistical data (in physical units in index-term)</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="82%" style="border-collapse:collapse;width:82.38%;">
<tr height="22" style="height:16.5pt;">
<td width="57%" height="22" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:double windowtext 2.25pt;height:16.5pt;padding:0in 0in 0in 0in;width:57.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" height="22" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:double windowtext 2.25pt;height:16.5pt;padding:0in 0in 0in 0in;width:21.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">09.30.19</font></b></p>    </td>
<td width="21%" height="22" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:double windowtext 2.25pt;height:16.5pt;padding:0in 0in 0in 0in;width:21.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">09.30.18</font></b></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="57%" height="20" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:57.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;&nbsp;Cable   TV Subscribers (i)</font></p>    </td>
<td width="21%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:21.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">100.6%</font></p>    </td>
<td width="21%" height="20" style="border:none;border-right:double windowtext 2.25pt;height:15.0pt;padding:0in 0in 0in 0in;width:21.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">102.0%</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="57%" height="20" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:57.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;&nbsp;Internet   Access (ii)</font></p>    </td>
<td width="21%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:21.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">102.0%</font></p>    </td>
<td width="21%" height="20" style="border:none;border-right:double windowtext 2.25pt;height:15.0pt;padding:0in 0in 0in 0in;width:21.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">101.7%</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="57%" height="20" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:57.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;&nbsp;</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Fixed telephony services lines (ii)</font></p>    </td>
<td width="21%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:21.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">84.5%</font></p>    </td>
<td width="21%" height="20" style="border:none;border-right:double windowtext 2.25pt;height:15.0pt;padding:0in 0in 0in 0in;width:21.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">95.6%</font></p>    </td>   </tr>
<tr height="20" style="height:15.0pt;">
<td width="57%" height="20" style="border-bottom:none;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.0pt;padding:0in 0in 0in 0in;width:57.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;&nbsp;</font><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">Personal Mobile telephony services lines   (ii)</font></p>    </td>
<td width="21%" height="20" style="border:none;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 0in 0in 0in;width:21.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">100.0%</font></p>    </td>
<td width="21%" height="20" style="border:none;border-right:double windowtext 2.25pt;height:15.0pt;padding:0in 0in 0in 0in;width:21.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">97.4%</font></p>    </td>   </tr>
<tr height="21" style="height:15.75pt;">
<td width="57%" height="21" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:57.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;&nbsp;N&#250;cleo&#146;s   customers (ii)</font></p>    </td>
<td width="21%" height="21" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:21.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">95.4%</font></p>    </td>
<td width="21%" height="21" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:21.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">96.8%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 48.0pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Base December&nbsp;2013= 100</font></p>
<p style="margin:0in 0in .0001pt 48.0pt;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Base December&nbsp;2017= 100</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">8.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Consolidated ratios</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="82%" style="border:none;border-collapse:collapse;width:82.6%;">
<tr style="page-break-inside:avoid;">
<td width="57%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:57.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="57%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:57.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">09.30.19</font></b></p>    </td>
<td width="21%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 1.5pt;border-top:none;padding:0in 0in 0in 0in;width:21.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">09.30.18</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="57%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:57.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Liquidity (1)</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.85</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:21.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.45</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="57%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:57.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Solvency (2)</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1.15</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:21.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">1.37</font></p>    </td>   </tr>
<tr height="14" style="height:10.4pt;page-break-inside:avoid;">
<td width="57%" height="14" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:double windowtext 2.25pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.4pt;padding:0in 0in 0in 0in;width:57.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Locked-up capital (3)</font></p>    </td>
<td width="21%" height="14" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.4pt;padding:0in 0in 0in 0in;width:21.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.88</font></p>    </td>
<td width="21%" height="14" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:double windowtext 2.25pt;border-top:none;height:10.4pt;padding:0in 0in 0in 0in;width:21.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">0.89</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Current assets/Current liabilities.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Total equity/Total liabilities.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Non-current assets/Total assets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">
<p style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">9.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Outlook</font></i></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During the third quarter, the evolution of the political scenario associated with the electoral calendar had a considerable impact on Argentina&#146;s macroeconomic indexes, which generated a rise in the inflation rate and an exchange rate fluctuation, with direct consequences on the citizens&#146; purchasing power.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The economic-financial performance of Telecom - and other companies that operate in Argentina- is not oblivious to the impact of macroeconomic variables, especially for a company that makes intensive investments in infrastructure, with dollarized inputs, but operates in Argentine pesos in the local market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In this sense, even though the economic scenario forces us to strongly focus our management on achieving operational efficiencies, our investment plan is modular and scalable, with short-term goals. Therefore, we maintain sufficient flexibility to adapt to changing scenarios, in order to remain focused on our strategic goal of becoming the leading convergent communications company of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">We remain committed to the development of the country, by deploying and upgrading the connectivity and telecommunications infrastructure throughout the national territory.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">With a customer focused approach, we seek to provide the best service offerings in terms of speed, quality and technological reliability, constantly expanding the contents offered that support and add value to our product portfolio.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">One of the key pillars in this stage is the adaption of the systems, with strategic projects that comprise the work processes of the whole organization and drive the full digital transformation of the Company. Telecom is not only integrating all of its applications to embrace the convergence of services, but also deploying new systems to improve customer satisfaction and relationships, to boost the performance of our networks, and to achieve the operational excellence of the integrated company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">We continue with fiber optic cable laying increasingly closer to households, unifying different access technologies to improve Internet browsing speeds through the fixed broadband service provided by Fibertel. At the same time, we are converting copper fixed networks into fiber networks or hybrid fiber-coaxial networks to offer higher connection speed and capacity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Regarding the mobile network, Personal has become the fastest 4G service provider in Argentina, and we continue to expand its coverage and capacity, upgrading the installed sites throughout the country with 4.5G technology, which will allow us to be prepared for 5G deployment and the possibilities it provides through IoT solutions. In this regard, Telecom has made the first two 5G technology demos open to the public in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As regards contents, within the framework of a real revolution of the industry in which the content owners themselves are becoming competitors, Telecom is strongly focusing on Flow as a content and entertainment integrated platform. This multi device platform also offers new entertainment experiences through Flow Music XP and integrates e-sports initiatives.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina operates in a fixed and mobile services market that is highly competitive and dynamic. We have the determination, capacity and resources required to continue leading this industry. We are an Argentine company that serves the Argentine population and promotes the sustainable economic and social development of the country, helping communities to be introduced to the digital world.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As in previous years, we will continue to work for the benefit of the country, contributing to facilitate connections and customer experience through the use of communication services and technologies.</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>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="14" style="height:10.75pt;">
<td width="63%" height="14" valign="top" style="height:10.75pt;padding:0in 0in 0in 0in;width:63.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" height="14" valign="top" style="height:10.75pt;padding:0in 0in 0in 0in;width:36.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Alejandro Urricelqui</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.75pt;">
<td width="63%" height="17" valign="top" style="height:12.75pt;padding:0in 0in 0in 0in;width:63.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" height="17" valign="top" style="height:12.75pt;padding:0in 0in 0in 0in;width:36.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">President</font></u></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 14.2pt;text-align:justify;text-indent:-14.2pt;"><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 14.2pt;text-align:justify;text-indent:-14.2pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFFINANCIA_083104"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos </font><font size="1" face="Arial" style="font-size:8.0pt;">in current currency</font><font size="1" face="Arial" style="font-size:8.0pt;"> - Note 1.e)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ASSETS</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Current Assets</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">37,554</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">9,489</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,251</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,888</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16,192</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">23,980</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,983</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,987</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventories</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,459</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,769</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total current assets</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">64,439</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">46,113</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Non-Current Assets</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">101</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">84</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,646</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,373</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred income tax assets</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">135</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">107</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,079</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,704</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">165,802</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">165,857</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Property, plant and equipment</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">215,310</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">206,982</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">77,393</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">81,882</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Right of use assets</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8,207</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">781</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total non-current assets</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">470,673</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">465,770</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL ASSETS</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">535,112</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">511,883</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LIABILITIES</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Current Liabilities</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">29,770</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31,470</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial debt</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">30,757</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">27,600</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">7,424</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8,190</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,525</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,193</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Leases liabilities</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,829</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other liabilities</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,658</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,117</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">909</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,024</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total current liabilities</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">75,872</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">73,594</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Non-Current Liabilities</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,725</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">784</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial debt</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">115,473</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">81,612</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">609</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">478</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred income tax liabilities</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">46,008</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">33,794</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes payables</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Leases liabilities</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,657</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other liabilities</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,355</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,600</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,247</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,775</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total non-current liabilities</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">173,091</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">123,079</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL LIABILITIES</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">248,963</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">196,673</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EQUITY </font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity attributable to Controlling Company</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">281,806</font></b></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">310,766</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity attributable to non-controlling interest</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,343</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4,444</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL EQUITY</font></b><i><font face="Arial" style="font-style:italic;">(See Consolidated Statements   of Changes in Equity)</font></i></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">286,149</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">315,210</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL LIABILITIES AND EQUITY</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">535,112</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">511,883</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">1</font></b><a name="PB_1_080257_7773"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED INCOME STATEMENTS</font></u></b><a name="CONSOLIDATEDINCOMESTATEMENTS_083119"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency, except per share data in Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="32" style="height:24.15pt;">
<td width="45%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" colspan="2" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:21.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>
<td width="7%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" colspan="2" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:20.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Nine-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="45%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="10%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="11%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="7%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="10%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<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;">21</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">53,106</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">57,444</font></b></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">159,699</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">177,898</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Employee benefit expenses and severance payments</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(10,234)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(10,544)</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(30,408)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(31,105)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Interconnection and transmission costs </font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,742)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,943)</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,102)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(5,701)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Fees for services, maintenance, materials and supplies</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,052)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(6,008)</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(17,223)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(17,246)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="45%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Taxes and fees with the Regulatory Authority</font></p>    </td>
<td width="5%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,055)</font></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,505)</font></p>    </td>
<td width="7%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12,509)</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(14,319)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Commissions and advertising</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,262)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,747)</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,538)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(11,312)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Cost of equipment and handsets</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,278)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,065)</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,495)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(10,162)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Programming and content costs</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,008)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,259)</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12,043)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12,760)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Bad debt expenses</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<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;">3</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,353)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,165)</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,348)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,553)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="45%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Other operating income and expenses</font></p>    </td>
<td width="5%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,719)</font></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,219)</font></p>    </td>
<td width="7%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,814)</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,597)</font></p>    </td>   </tr>
<tr height="32" style="height:24.15pt;">
<td width="45%" height="32" valign="top" bgcolor="white" style="background:white;height:24.15pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Depreciation, amortization and   impairment of PP&amp;E,&nbsp;Intangible assets and Rights of use assets</font></p>    </td>
<td width="5%" height="32" valign="top" style="height:24.15pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="10%" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:24.15pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(13,532)</font></p>    </td>
<td width="11%" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:24.15pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12,187)</font></p>    </td>
<td width="7%" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:24.15pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:24.15pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(38,820)</font></p>    </td>
<td width="10%" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:24.15pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(33,807)</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="45%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="5%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,871</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6,802</font></b></p>    </td>
<td width="7%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">14,399</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">28,336</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Earnings   from associates </font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<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;">2</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(390)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(204)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">209</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Debt financial expenses</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(25,923)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(43,368)</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(23,788)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(61,623)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Other financial results, net</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,134</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,916</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9,428</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">10,103</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="45%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Loss before income tax (expense) benefit</font></b></p>    </td>
<td width="5%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(16,308)</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(22,639)</font></b></p>    </td>
<td width="7%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(165)</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(22,975)</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Income tax (expense) benefit</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<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;">13</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,959)</font></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,160</font></p>    </td>
<td width="7%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12,532)</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">11,291</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net loss for the period</font></b></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(20,267)</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(15,479)</font></b></p>    </td>
<td width="7%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="45%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Controlling Company</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(20,365)</font></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(15,476)</font></p>    </td>
<td width="7%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12,941)</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(11,758)</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Non-controlling interest</font></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">98</font></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3)</font></p>    </td>
<td width="7%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">244</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">74</font></p>    </td>   </tr>
<tr height="15" style="height:11.2pt;">
<td width="45%" height="15" valign="top" bgcolor="white" style="background:white;height:11.2pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="15" valign="top" style="height:11.2pt;padding:0in 0in 0in 0in;width:5.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:11.2pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(20,267)</font></b></p>    </td>
<td width="11%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:11.2pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(15,479)</font></b></p>    </td>
<td width="7%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:11.2pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:11.2pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="16" valign="top" style="height:12.05pt;padding:0in 0in 0in 0in;width:5.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="16" style="height:12.05pt;">
<td width="45%" height="16" valign="top" bgcolor="white" style="background:white;height:12.05pt;padding:0in 0in 0in 0in;width:45.72%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Loss per share attributable   to Controlling Company - Basic and diluted</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1.d</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(9.46)</font></b></p>    </td>
<td width="11%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7.19)</font></b></p>    </td>
<td width="7%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:7.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6.01)   </font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.05pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(5.46)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">See Note 22 for additional information on operating expenses per function.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">2</font></b><a name="PB_2_080415_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCOMPREHE_083129"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="33" style="height:24.45pt;">
<td width="55%" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" colspan="2" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:20.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Three-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>
<td width="5%" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" colspan="2" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Nine-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="55%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="10%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="5%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="9%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="16" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="16" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net loss for the period</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(20,267)</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(15,479)</font></b></p>    </td>
<td width="5%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>
<td width="9%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>   </tr>
<tr height="5" style="height:4.1pt;">
<td width="55%" height="5" valign="top" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="bottom" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="bottom" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="5" valign="bottom" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="bottom" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="bottom" bgcolor="white" style="background:white;height:4.1pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="33" style="height:24.45pt;">
<td width="55%" height="33" valign="top" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other components of the   Statements of Comprehensive Income </font></b></p>    </td>
<td width="10%" height="33" valign="bottom" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="33" valign="bottom" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="33" valign="bottom" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="33" valign="bottom" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="33" valign="bottom" bgcolor="white" style="background:white;height:24.45pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><u><font size="1" face="Arial" style="font-size:9.0pt;">Will be reclassified subsequently to profit or loss</font></u></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="55%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Currency translation adjustments   (no effect on Income Tax)</font></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,668</font></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,873</font></p>    </td>
<td width="5%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(495)</font></p>    </td>
<td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,874</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; NDF effects classified as hedges </font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(83)</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">214</font></p>    </td>
<td width="5%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(360)</font></p>    </td>
<td width="9%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">544</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Income Tax effects on NDF   classified as hedges</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">40</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(52)</font></p>    </td>
<td width="5%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">94</font></p>    </td>
<td width="9%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt .25in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(153)</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other components of the comprehensive income, net of tax</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,625</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,035</font></b></p>    </td>
<td width="5%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(761)</font></b></p>    </td>
<td width="9%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">4,265</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="55%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="15" valign="bottom" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total comprehensive income for the period</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(18,642)</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(13,444)</font></b></p>    </td>
<td width="5%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(13,458)</font></b></p>    </td>
<td width="9%" height="16" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,419)</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="16" valign="bottom" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.35pt;">
<td width="55%" height="15" valign="top" bgcolor="white" style="background:white;height:11.35pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Controlling   Company</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(19,197)</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(13,811)</font></p>    </td>
<td width="5%" height="15" valign="bottom" style="height:11.35pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:11.35pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(13,671)</font></p>    </td>
<td width="9%" height="15" valign="bottom" style="height:11.35pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(8,598)</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Non-controlling interest</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">555</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">367</font></p>    </td>
<td width="5%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">213</font></p>    </td>
<td width="9%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.2pt;padding:0in 0in 0in 0in;width:9.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,179</font></p>    </td>   </tr>
<tr height="16" style="height:12.2pt;">
<td width="55%" height="16" valign="top" bgcolor="white" style="background:white;height:12.2pt;padding:0in 0in 0in 0in;width:55.2%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(18,642)</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(13,444)</font></b></p>    </td>
<td width="5%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:12.2pt;padding:0in 0in 0in 0in;width:10.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(13,458)</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(7,419)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><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" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">3</font></b><b><font face="Arial" style="font-weight:bold;"><a name="PB_3_080543_5335"></a></font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCHANGESI_075131"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" colspan="4" height="1" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Owners contribution</font></b></p>    </td>
<td width="30%" colspan="6" height="1" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:30.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Reserves</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-top:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="top" style="border:none;border-top:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="1" valign="top" style="border:none;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<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%" height="1" valign="top" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="15%" height="1" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Outstanding<br>   shares -<br>   Capital<br>   nominal value<br>   (1)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Treasury<br>   shares -<br>   Capital<br>   nominal<br>   value<br>   (1)&nbsp;(2)</font></b></p>    </td>
<td width="4%" height="1" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Inflation<br>   adjustment</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Treasury<br>   shares<br>   acquisition<br>   cost<br>   (2)</font></b></p>    </td>
<td width="4%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Conntributed<br>   Surplus</font></b></p>    </td>
<td width="4%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Legal<br>   reserve</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Special<br>   reserve for<br>   IFRS<br>   implementation</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Voluntary<br>   reserve for<br>   capital<br>   investments</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Facultative<br>   (3)</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Facultative<br>   reserve for<br>   future<br>   dividends<br>   payments</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Other<br>   comprehensive<br>   results</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Other<br>   deferred</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Retained<br>   earnings</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="6%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Equity<br>   attributable<br>   to non-controlling<br>   interest</font></b></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Total<br>   Equity</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of January&nbsp;1, 2018</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,200</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,394</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">613</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">146</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">13,168</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">589</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">20</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">56,657</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">74,609</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">165</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">75,774</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Incorporation of   the Net Equity of the acquiree </font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">969</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">15</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">55,112</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2,</font><font size="1" face="Arial" style="font-size:6.0pt;">471</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2,</font><font size="1" face="Arial" style="font-size:6.0pt;">506</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,</font><font size="1" face="Arial" style="font-size:6.0pt;">197</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4,</font><font size="1" face="Arial" style="font-size:6.0pt;">544</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">30,862</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">435</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(6)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">544</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">91,749</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,</font><font size="1" face="Arial" style="font-size:6.0pt;">611</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">93,360</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Retained earnings adjustment </font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">34</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">34</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">28</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">6</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Merger effect </font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(15)</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">65</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">175,350</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">435</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">6</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">175,711</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,111</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">176,822</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Call option reserve (4)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">181</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">181</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">181</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Reserves constitution (5)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2,</font><font size="1" face="Arial" style="font-size:6.0pt;">436</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,</font><font size="1" face="Arial" style="font-size:6.0pt;">693</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">6,129</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Dividends (6)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">19,429</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">20,256</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">39,685</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">39,685</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Dividends to non-controlling shareholders (7)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">272</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">272</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Increase in CV Berazategui shareholding</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">329</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">329</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(</font><font size="1" face="Arial" style="font-size:6.0pt;">9</font><font size="1" face="Arial" style="font-size:6.0pt;">)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">338</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr height="17" style="height:12.7pt;">
<td width="15%" height="17" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="1" face="Arial" style="font-size:6.0pt;">Comprehensive income: </font></u></p>    </td>
<td width="6%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<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%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="6%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<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="5%" height="17" valign="bottom" style="height:12.7pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Net income (loss) for the period</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(11,758)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(11,758)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">74</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Other   comprehensive income</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,160</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,160</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,105</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,265</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total Comprehensive income</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,160</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(11,758)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(8,598)</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,179</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(7,419)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of   September&nbsp;30, 2018</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,154</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">60,441</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,471)</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">175,350</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,119</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,343</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,544</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">15,604</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">15,126</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">571</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(490)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">18,004</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">293,310</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,757</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">298,067</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of January&nbsp;1, 2019</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,154</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">60,441</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,471)</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">175,350</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,119</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,343</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,544</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">15,604</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">15,126</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,036)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(490)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">37,067</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">310,766</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,444</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">315,210</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Disposals of the General Ordinary and Extraordinary Shareholders&#146; Meeting   held on April&nbsp;24, 2019:</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;- Reserves   constitutions</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">366</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">20,268</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">8,675</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(29,309)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;-   Dividends</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(7,460)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(7,758)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(15,218)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(15,218)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Dividends to non-controlling shareholders (7)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(229)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(229)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Capital Reduction</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(11)</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(640)</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,773</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,122)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Irrevocable Call and Put Option on the shares of AVC   Continente Audiovisual (8)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(102)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(102)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(102)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Increase in Tuves shareholding (9)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">31</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">31</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(85)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(54)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="1" face="Arial" style="font-size:6.0pt;">Comprehensive income: </font></u></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<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="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<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="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Net income (loss) for the period</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(12,941)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(12,941)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">244</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;&nbsp; Other   comprehensive income</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(730)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(730)</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(31)</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(761)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="top" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total Comprehensive income </font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(730)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(12,941)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(13,671)</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">213</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(13,458)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="15%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:15.9%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of   September&nbsp;30, 2019</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,154</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">59,801</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(698)</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">175,350</font></b></p>    </td>
<td width="4%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:4.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,485</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,343</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,544</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">35,872</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">16,341</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,766)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(561)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(14,063)</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">281,806</font></b></p>    </td>
<td width="6%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:6.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,343</font></b></p>    </td>
<td width="5%" height="1" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.4pt 0in 5.4pt;width:5.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">286,149</font></b></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(1)&nbsp;As of September&nbsp;30, 2019 and 2018 total shares were issued and fully paid. As of September&nbsp;30, 2019 and 2018, 3,784,720 and 15,221,373 were treasury shares, respectively. See Note 20.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(2)&nbsp;Corresponds to 3,784,720 shares of $1 argentine peso of nominal value each, equivalent to 0.18% of total capital as of September&nbsp;30, 2019. See Note 20.</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(3)&nbsp;Correspond to the Facultative Reserves to maintain the capital investments level and the current level of solvency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(4)&nbsp;Call option reserve of non-controlling interest.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(5)&nbsp;As approved by the General Ordinary Shareholders&#146; Meeting held on April&nbsp;25, 2018.</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(6)&nbsp;As approved by the Company&#146;s Board of Directors on January&nbsp;31, 2018. Includes 15,780 of advanced dividends which were subsequently ratified by the General Ordinary Shareholders&#146; Meeting held on April&nbsp;25, 2018.</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(7)&nbsp;Corresponds to non-controlling interest of N&#250;cleo and CV Berazategui.</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(8)&nbsp;See Note 26.h).</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(9)&nbsp;See Note 26.f).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<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 align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">4</font></b><a name="PB_4_075032_201"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCASHFLOW_085542"></a></p>
<p style="margin:2.0pt 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency &#150; </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="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="32" style="height:23.65pt;">
<td width="65%" height="32" valign="top" style="height:23.65pt;padding:0in 0in 0in 0in;width:65.94%;">
<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="6%" height="32" valign="top" style="height:23.65pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" height="32" valign="top" style="height:23.65pt;padding:0in 0in 0in 0in;width:27.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Nine-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<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="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="13%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="14%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</font></u></b></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net loss for the   period</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,697)</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,684)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Adjustments to reconcile net income to net cash flows provided by   operating activities</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Allowances deducted from assets </font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,059</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,628</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Depreciation of property, plant   and equipment</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">30,949</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">27,704</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Amortization of intangible assets</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,653</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,566</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Amortization of rights of use   assets</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,195</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">81</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Earnings   from associates</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.a</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">204</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(209)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Impairment of PP&amp;E </font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">23</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">456</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Disposals of PP&amp;E and   consumption of materials</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">97</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">984</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Financial   results and other</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">22,266</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">47,831</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Income   tax expense (benefit)</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12,532</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,291)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Income   tax paid</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,352)</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8,937)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Net decrease (increase) in assets</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,087</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,764)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Net decrease in liabilities</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13,229)</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;height:12.25pt;padding:0in 0in 0.375pt 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,340)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows provided by operating activities</font></b></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">55,787</font></b></p>    </td>
<td width="14%" height="15" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;height:11.4pt;padding:0in 0in 0.375pt 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">39,025</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</font></u></b></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Property, plant and equipment   acquisitions</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(31,154)</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(30,629)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;   Intangible asset acquisitions</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,111)</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,528)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Acquisiton of interest of Tuves</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(54)</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Acquisiton of interest of CV   Berazategui</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(324)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Proceeds   from dividends</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">147</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">68</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Cash incorporated by the merger </font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,658</font></p>    </td>   </tr>
<tr height="15" style="height:11.1pt;">
<td width="65%" height="15" valign="bottom" style="height:11.1pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Proceeds from the sale of   property, plant and equipment and intangible assets</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.1pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.1pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.1pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">57</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Investments not considered as   cash and cash equivalents</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,344</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,694</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows used in investing activities</font></b></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(27,827)</font></b></p>    </td>
<td width="14%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(25,004)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</font></u></b></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Proceeds   from financial debt</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">48,402</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">42,384</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Payment   of financial debt</font></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(26,939)</font></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,521)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Payment of interests and related   expenses</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,651)</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,555)</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Payments of leases liabilities</font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,755)</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp; Payment of cash dividends </font></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.b</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(15,017)</font></p>    </td>
<td width="14%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(46,849)</font></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows used in financing activities</font></b></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(960)</font></b></p>    </td>
<td width="14%" height="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(12,541)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">NET INCREASE IN CASH AND CASH EQUIVALENTS</font></b></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">27,000</font></b></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,480</font></b></p>    </td>   </tr>
<tr height="16" style="height:12.25pt;">
<td width="65%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</font></b></p>    </td>
<td width="6%" height="16" valign="top" style="height:12.25pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,489</font></b></p>    </td>
<td width="14%" height="16" valign="bottom" style="height:12.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,252</font></b></p>    </td>   </tr>
<tr height="32" style="height:23.65pt;">
<td width="65%" height="32" valign="bottom" style="height:23.65pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">NET FOREIGN EXCHANGE   DIFFERENCES AND RECPAM ON CASH AND CASH EQUIVALENTS</font></b></p>    </td>
<td width="6%" height="32" valign="top" style="height:23.65pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:23.65pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,065</font></b></p>    </td>
<td width="14%" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:23.65pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,229</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.4pt;">
<td width="65%" height="15" valign="bottom" style="height:11.4pt;padding:0in 0in 0in 0in;width:65.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD</font></b></p>    </td>
<td width="6%" height="15" valign="top" style="height:11.4pt;padding:0in 0in 0in 0in;width:6.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:11.4pt;padding:0in 0in 0in 0in;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">37,554</font></b></p>    </td>
<td width="14%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:11.4pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,961</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">See Note 2.b for additional information on the consolidated statements of cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these unaudited consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="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>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">5</font></b><a name="PB_5_084242_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS</font></u></b><a name="NOTESTOTHEUNAUDITEDCONSOLIDATEDF_093432"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">AS OF SEPTEMBER 30, 2019 AND 2018 (*)</font></u></b></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="1" face="Arial" style="font-size:9.0pt;">(In millions of Argentine pesos, except as otherwise indicated)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">INDEX</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Page</font></u></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:9.0pt;">Glossary of terms</font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-7</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;"><font size="2" face="Times New Roman"><a href="#NOTE1BASISOFPREPARATIONOFTHEUNAU_092711" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 1 &#150; Basis of   preparation of the consolidated financial statements and significant   accounting policies</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-9</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;"><font size="2" face="Times New Roman"><a href="#NOTE2CASHANDCASHEQUIVALENTSANDIN_092801" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 2 &#150; Cash and   cash equivalents and Investments. Additional information on the consolidated   statements of cash flows</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-14</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE3TRADERECEIVABLES_092814" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 3 &#150; Trade   receivables</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-16</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE4OTHERRECEIVABLES_092839" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 4 &#150; Other   receivables</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-17</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE5INVENTORIES_092842" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 5 &#150;   Inventories</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-17</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE6GOODWILL_092844" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 6 &#150; Goodwill</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-17</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE7PROPERTYPLANTANDEQUIPMENT_092847" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 7 &#150; Property,   plant and equipment</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-17</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE8INTANGIBLEASSETS_092851" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 8 &#150; Intangible   assets</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-18</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE9RIGHTOFUSEASSETS_092853" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 9 &#150; Right of use   assets</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-18</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE10TRADEPAYABLES_092856" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 10 &#150; Trade   payables</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-19</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE11FINANCIALDEBT_092900" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 11 &#150; Financial   debt</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-19</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE12SALARIESANDSOCIALSECURITYP_093020" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 12 &#150; Salaries and   social security payables</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-22</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE13DEFERREDINCOMETAXASSETSLIA_093022" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 13 &#150; Deferred   income tax assets/liabilities</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-22</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE14TAXESPAYABLES_093029" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 14 &#150; Taxes   payables</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-23</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE15LEASESLIABILITIES_093053" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 15 &#150; Leases   liabilities</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-24</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE16OTHERLIABILITIES_093055" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 16 &#150; Other   liabilities</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-24</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE17PROVISIONS_093057" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 17 &#150;   Provisions</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-24</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE18ADDITIONALINFORMATION_093104" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 18 &#150;   Additional information</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-25</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE19COMMITMENTS_093130" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 19 &#150;   Commitments</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-26</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE20EQUITY_093132" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 20 &#150; Equity</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-26</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE21REVENUES_093136" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 21 &#150; Revenues</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-27</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE22OPERATINGEXPENSES_093139" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 22 &#150; Operating   expenses</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-27</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE23FINANCIALRESULTSNET_093144" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 23 &#150; Financial   results, net</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-28</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE24BALANCESANDTRANSACTIONSWIT_093211" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 24 &#150; Balances   and transactions with Companies under Section&nbsp;33 - Law No.&nbsp;19,550   and Related Parties</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-29</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE25RESTRICTIONSONDISTRIBUTION_093217" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 25 &#150;   Restrictions on distribution of profits</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-30</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE26RECENTDEVELOPMENTSCORRESPO_093239" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 26 &#150; Recent   developments corresponding to the nine-month period ended September&nbsp;30,   2019</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-31</font></b></p>    </td>   </tr>
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<p style="margin:4.8pt 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman"><a href="#NOTE27SUBSEQUENTEVENTSTOSEPTEMBE_093249" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 27 &#150;   Subsequent events to September&nbsp;30, 2019</font></a></font></p>    </td>
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<p align="center" style="margin:4.8pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-35</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="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:8.0pt;">(*) By convention the definitions used in the notes are in the Glossary of Terms.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Glossary of terms</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">The following explanations are not technical definitions, but to assist the general reader to understand certain terms as used in these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom</font></i><font face="Arial">: Telecom Argentina and its consolidated subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Personal/Micro Sistemas/Pem/CV Berazategui//Cable Imagen/ &#218;ltima Milla/AVC Continente Audiovisual/Inter Radios: </font></i><font face="Arial">Names corresponding to limited companies or limited responsibility companies that are directly or indirectly controlled according to the definition of the </font><font face="Arial">General Corporations Law</font><font face="Arial">, or were controlled by the Company, directly or indirectly: Telecom Personal S.A., Micro Sistemas S.A.U., Pem S.A.U, CV Berazategui S.A., Cable Imagen S.R.L., &#218;ltima Milla S.A., AVC Continente Audiovisual S.A.,&nbsp;Inter Radios S.A.U.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom USA/N&#250;cleo/Personal Env&#237;os/Tuves Paraguay / Televisi&#243;n Dirigida / Adesol: </font></i><font face="Arial">Names corresponding to foreign companies Telecom Argentina USA,&nbsp;Inc., N&#250;cleo S.A.E, Personal Env&#237;os S.A., Tuves Paraguay S.A., Televisi&#243;n Dirigida S.A. y Adesol S.A., respectively, companies that are directly or indirectly controlled according to the definition of the General Corporations Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&#147;Abono fijo&#148;: </font></i><font face="Arial">Under the &#147;Abono fijo&#148; plans, a subscriber pays a set monthly bill and, once the contract minutes per month have been used, the subscriber can obtain additional credit by recharging the phone card through the prepaid system.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">BYMA (Bolsas y Mercados Argentinos) /NYSE: </font></i><font face="Arial">Buenos Aires Stock Exchange and<i> New York Stock Exchange, respectively.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Cablevisi&#243;n:</font></i><font face="Arial"> Company absorbed by Telecom since January&nbsp;1, 2018, whose activities are continued by Telecom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CAPEX: Capital expenditures.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CAVAM: C&#225;mara Argentina de Valor Agregado M&#243;vil.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CINIIF: </font></i><font face="Arial">IFRS interpretations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CNV (Comisi&#243;n Nacional de Valores):</font></i><font face="Arial"> The Argentine National Securities Commission.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CONATEL: Comisi&#243;n Nacional de Telecomunicaciones de Paraguay.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CPCECABA (Consejo Profesional de Ciencias Econ&#243;micas de la Ciudad Aut&#243;noma de Buenos Aires): </font></i><font face="Arial">The Professional Council of Economic Sciences of the City of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CVH:</font></i><font face="Arial"> Cablevisi&#243;n Holding S.A., controlling company of Telecom since January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ENACOM (Ente Nacional de Telecomunicaciones): </font></i><font face="Arial">The Telecommunications Regulatory Authority of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">FACPCE (Federaci&#243;n Argentina de Consejos Profesionales en Ciencias Econ&#243;micas):</font></i><font face="Arial"> Argentine Federation of Professional Councils of Economic Sciences.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IAS:</font></i><font face="Arial"> International Accounting Standards</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IASB</font></i><font face="Arial">:&#160; International Accounting Standards Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ICT services (Information and Communication Technology services):&nbsp;</font></i><font face="Arial">Services to transport and distribute signals or data, such as voice, text, video and images, provided or requested by third-party users, through telecommunications networks. Each service is subject to its specific regulatory framework.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IDEN:</font></i><font face="Arial"> Integrated Digital Enhanced Network</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRIC: IFRS Interpretations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IFRS</font></i><font face="Arial">:&#160; International Financial Reporting Standards, as issued by the International Accounting Standards Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">INDEC (Instituto Nacional de estad&#237;sticas y sensos): </font></i><font face="Arial">&#160;The National Institute of statistics and sense</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">LGS (Ley de General de Sociedades): </font></i><font face="Arial">Argentine Corporations Law No.&nbsp;19,550 as amended. </font><font face="Arial">Since the enforcement of the new Civil and Commercial Code its name was changed to &#147;General Corporations Law&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">NDF: </font></i><font face="Arial">Non-Deliverable Forward.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PEN (Poder Ejecutivo Nacional</font></i><font face="Arial">): The executive branch of the Argentine government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PP&amp;E: Property, plant and equipment.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RECPAM (Resultado por exposici&#243;n a los cambios en el poder adquisitivo de la moneda):</font></i><font face="Arial"> Gain (Loss) on purchasing power parity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Roaming:</font></i><font face="Arial"> charges from the use of networks of other national and international operators.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RT:</font></i><font face="Arial">&#160; Technical resolutions issued by the FACPCE.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RT 26</font></i><font face="Arial">: Technical resolution No.&nbsp;26 issued by the FACPCE, amended by RT 29 and RT 43.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">SIC: IAS Interpretations</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">7</font></b><a name="PB_7_084129_3020"></a></p>
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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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">VAT</font></i><font face="Arial">: Value-Added Tax</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">VLG: VLG S.A.U. (formerly VLG Argentina LLC</font><font face="Arial">), a company that is a shareholder of the Company and controlled by CVH.</font></p>
<p style="margin:0in 0in .0001pt;"><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;">In these Consolidated Financial Statements, unless otherwise stated, Argentine peso amounts are stated in millions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="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>
<p style="margin:0in 0in .0001pt 59.55pt;text-align:justify;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 1&nbsp;&nbsp;&nbsp;&#150;&nbsp;&nbsp;BASIS OF PREPARATION OF THE </font></b><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">UNAUDITED </font></b><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES</font></b><a name="NOTE1BASISOFPREPARATIONOFTHEUNAU_092711"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">a)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Basis of preparation and significant accounting policies</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As required by the CNV, the unaudited consolidated financial statements of the Company have been prepared in accordance with RT 26 of FACPCE (as amended by RT 29 and RT 43) that adopted IFRS as issued by the IASB, also adopted by the CPCECABA.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the preparation of these unaudited consolidated financial statements, the Company has elected to make use of the option provided by IAS 34 and has prepared them in its condensed form. Therefore, these financial statements were prepared following the same accounting policies as in the annual financial statements as of December&nbsp;31, 2018, with the exception of the application of IFRS 16 (see Note 1.f), so, these unaudited consolidated financial statements do not include all the information required in an annual financial statement. As a consequence, they must be read jointly with the 2018 annual consolidated financial statements which can be consulted at the Company&#146;s website (<u><font color="blue" style="color:blue;">https://institucional.telecom.com.ar/inversores</font></u>).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements were prepared including in the consolidation process the following companies:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
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<td width="43%" height="42" valign="top" style="border:solid windowtext 1.0pt;height:31.55pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Main Activity</font></b></p>    </td>
<td width="13%" height="42" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:31.55pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Country</font></b></p>    </td>
<td width="18%" height="42" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:31.55pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telecom   Argentina&#146;s<br>   direct/indirect<br>   interest in capital<br>   stock and votes</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.35pt;">
<td width="25%" height="14" valign="top" style="border:none;border-left:solid windowtext 1.0pt;height:10.35pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="43%" height="14" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.35pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="14" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="18%" height="14" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="25%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Pem </font></p>    </td>
<td width="43%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="18%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="25%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">CV Berazategui (a)</font></p>    </td>
<td width="43%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Closed-circuit television</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="18%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="14" style="height:10.35pt;">
<td width="25%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.35pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Cable Imagen </font></p>    </td>
<td width="43%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.35pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Closed-circuit television</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="18%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.35pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="25%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&#218;ltima Milla </font></p>    </td>
<td width="43%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Services for telecommunication </font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="18%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="25%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Inter Radios </font></p>    </td>
<td width="43%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Broadcasting services</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="18%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="25%" height="15" style="border:none;border-left:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Micro Sistemas</font></p>    </td>
<td width="43%" height="15" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Services related to   the use of electronic payment media</font></p>    </td>
<td width="13%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="18%" height="15" style="border:none;border-right:solid windowtext 1.0pt;height:10.9pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="14" style="height:10.45pt;">
<td width="25%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">AVC Continente Audiovisual </font></p>    </td>
<td width="43%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.45pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Broadcasting services</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="18%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">60.00%</font></p>    </td>   </tr>
<tr height="14" style="height:10.45pt;">
<td width="25%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">N&#250;cleo&nbsp; (b)</font></p>    </td>
<td width="43%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.45pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile telecommunications Services</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="18%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">67.50%</font></p>    </td>   </tr>
<tr height="14" style="height:10.45pt;">
<td width="25%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Televisi&#243;n Dirigida </font></p>    </td>
<td width="43%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.45pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cable television services</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="18%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="14" style="height:10.45pt;">
<td width="25%" height="14" style="border:none;border-left:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Adesol (c)</font></p>    </td>
<td width="43%" height="14" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:10.45pt;padding:0in 0in 0in 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Holding</font></p>    </td>
<td width="13%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Uruguay</font></p>    </td>
<td width="18%" height="14" style="border:none;border-right:solid windowtext 1.0pt;height:10.45pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="25%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:10.9pt;padding:0in 0in 0in 0in;width:25.08%;">
<p style="margin:0in 0in .0001pt 2.15pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Telecom USA</font></p>    </td>
<td width="43%" height="15" style="border:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:0in 0in 1pt 0in;width:43.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Telecommunication services</font></p>    </td>
<td width="13%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">USA</font></p>    </td>
<td width="18%" height="15" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.9pt;padding:0in 0in 0in 0in;width:18.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(a)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">The Company owned 70% indirectly through Pem until April&nbsp;4, 2018 when the remaining 30% was acquired directly.</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(b)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes the interest in the following entities: Personal Env&#237;os and Tuves Paraguay.</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(c)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes the interest in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visi&#243;n Satelital S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The preparation of these unaudited consolidated financial statements in accordance with IFRS requires that the Company&#146;s Management make estimates that affect the figures disclosed in the financial statements or its complementary information. Actual results may differ from these estimates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These unaudited consolidated financial statements were prepared in current currency (see Note 1.e) on an accrual basis of accounting (except for the statement of cash flows). Under this basis, the effects of transactions are recognized when they occur. Therefore, income and expenses are recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the difference between the fair value and the nominal amount of income and expenses is recognized as finance income or expense using the effective interest method.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These unaudited consolidated financial statements as of September&nbsp;30, 2019, were approved by resolution of the Board of Directors&#146; meeting held on November&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 align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">9</font></b><a name="PB_9_084129_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">b)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Consolidated Financial Statement Formats</font></u></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The financial statement formats adopted are consistent with IAS 1. </font><font face="Arial">In particular:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-17.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font color="black" face="Arial" style="color:black;">the consolidated statements of financial position</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by classifying assets and liabilities according to the &#147;current and non-current&#148; criterion. Current assets and liabilities are those that are expected to be realized/settled within twelve months after the period-end;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-17.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font color="black" face="Arial" style="color:black;">the consolidated income statements</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by classifying operating expenses by nature of expense as this form of presentation is considered the most appropriate and represents the way that the business is monitored by the Executive Committee and the CEO and, additionally, are in line with the usual presentation of expenses in the ICT services industry;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-17.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font color="black" face="Arial" style="color:black;">the consolidated statements of comprehensive income</font></u><font color="black" face="Arial" style="color:black;"> include the net income (or loss) of the period as shown in the consolidated income statement and all components of other comprehensive income;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-17.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font color="black" face="Arial" style="color:black;">the consolidated statements of changes in equity</font></u><font color="black" face="Arial" style="color:black;"> have been prepared showing separately (i)&nbsp;net income (loss) of the period, (ii)&nbsp;other comprehensive income (loss) of the period, and (iii)&nbsp;transactions with shareholders (owners and non-controlling interest) if corresponds;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.3pt;text-align:justify;text-indent:-17.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><font color="black" face="Arial" style="color:black;">the consolidated statements of cash flows</font></u><font color="black" face="Arial" style="color:black;"> have been prepared</font><font face="Arial"> by presenting cash flows from operating activities according to the &#147;indirect method&#148;, as permitted by IAS<font color="black" style="color:black;"> 7.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These unaudited consolidated financial statements contain all disclosures required under IAS 34. Some additional disclosures required by the LGS and/or by the CNV have been also included, among them, complementary information required in the last paragraph of Section&nbsp;1 Chapter III Title IV of the CNV General Resolution No.&nbsp;622/13. Such information is disclosed in Notes 2, 17, 18 and 22 to these unaudited consolidated financial statements, as admitted by IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">c)&#160;&#160; </font></b><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Segment information</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">An operating segment is defined as a component of an entity that engages in business activities from which it may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the chief operating decision maker. In the case of the Company, the Executive Committee and the Chief Executive Officer (&#147;CEO&#148;) are responsible for controlling recourses and for the economic and financial performance of Telecom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit in Argentina, according to the current regulatory context of the converged ICT services industry (adding to the same segment the activities related to the mobile services, internet services, cable television and fixed telephony services, services governed by the same regulatory framework of ICT services). To exercise its functions, both the Executive Committee and the CEO receive periodically the economic and financial information of Telecom and its subsidiaries (in currency of the date of each transaction), that is prepared as a single segment, and evaluate the evolution of business as a results generation unit, administrating the resources in a unique way to achieve the objectives. Regarding to costs, they are not specifically appropriated to a type of service, considering that the Company has a single payroll and general operating expenses that affect all services in general (non-specific). On the other hand, decisions on CAPEX affect all the types of services provided by Telecom in Argentina and not specifically to one of them. Based on what was previously described and under the accounting principles established in the IFRS as issued by the IASB, it was defined that the Company has a single segment of operations in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom carries out activities abroad (Paraguay, United States of America and Uruguay). These operations are not analyzed as a separate segment by the Executive Committee and the CEO, who analyze the consolidated information of companies in Argentina and abroad (in currency of the date of each transaction), taking into account that the activities of foreign companies are not significant for Telecom. The operations that Telecom carries out abroad do not meet the aggregation criteria established by the standard to be grouped within the &#147;Services rendered in Argentina&#148; segment, and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category &#147;Other abroad segments&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">10</font></b><a name="PB_10_084129_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Presented below is the Segment financial information as analyzed by the Executive Committee and the CEO for the periods ended September&nbsp;30, 2019 and 2018:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Consolidated Income Statement as of September&nbsp;30, 2019</font></u></i></b></p>
<p style="margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;margin-left:-.25pt;">
<tr height="13" style="height:9.6pt;">
<td width="18%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-right:none;height:9.6pt;padding:0in 0in 0in 0in;width:18.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="13" valign="top" style="border:solid windowtext 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina</font></b></p>    </td>
<td width="9%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina &#150; <br>   Inflation<br>   restatement </font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other abroad<br>   segments </font></b></p>    </td>
<td width="8%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other<br>   abroad<br>   segments &#150; <br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="12%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other   abroad<br>   segments<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="10%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="6%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total </font></b></p>    </td>   </tr>
<tr height="13" style="height:9.55pt;">
<td width="18%" height="13" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues </font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">129,511</font></b></p>    </td>
<td width="9%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">20,437</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">149,948</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">9,074</font></b></p>    </td>
<td width="8%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">1,501</font></b></p>    </td>
<td width="12%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">10,575</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(824)</font></b></p>    </td>
<td width="6%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">159,699</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.55pt;">
<td width="18%" height="13" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt 7.9pt;text-indent:-.1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating costs without depreciation, amortization   and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of use assets</font></p>    </td>
<td width="10%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(85,337)</font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(14,666)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(100,003)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(6,266)</font></p>    </td>
<td width="8%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(1,035)</font></p>    </td>
<td width="12%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(7,301)</font></p>    </td>
<td width="10%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">824</font></p>    </td>
<td width="6%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(106,480)</font></p>    </td>   </tr>
<tr height="27" style="height:20.5pt;">
<td width="18%" height="27" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt 7.9pt;text-indent:-.1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Depreciation, amortization and impairment of   PP&amp;E,&nbsp;Intangible assets and Rights of use assets</font></p>    </td>
<td width="10%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(18,092)</font></p>    </td>
<td width="9%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(18,268)</font></p>    </td>
<td width="11%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(36,360)</font></p>    </td>
<td width="11%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(2,023)</font></p>    </td>
<td width="8%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(437)</font></p>    </td>
<td width="12%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(2,460)</font></p>    </td>
<td width="10%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="6%" height="27" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.5pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(38,820)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0.375pt 0in;width:10.18%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">26,082</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(12,497)</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">13,585</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">785</font></b></p>    </td>
<td width="8%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">29</font></b></p>    </td>
<td width="12%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">814</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">14,399</font></b></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="18%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Earnings from associates</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<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="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(204)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Debt financial expenses</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<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="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(23,788)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Other financial results, net</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<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="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">9,428</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Loss   before income tax expense</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(165)</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Income tax   expense</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<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="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(12,532)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net loss</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling Company</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(12,941)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">244</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.46%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(12,697)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 49.6pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Consolidated Income Statement as of September&nbsp;30, 2018</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;margin-left:-.25pt;">
<tr height="13" style="height:9.6pt;">
<td width="18%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-right:none;height:9.6pt;padding:0in 0in 0in 0in;width:18.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="13" valign="top" style="border:solid windowtext 1.0pt;height:9.6pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina</font></b></p>    </td>
<td width="10%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina &#150; <br>   Inflation<br>   restatement </font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other abroad<br>   segments </font></b></p>    </td>
<td width="8%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other<br>   abroad<br>   segments &#150; <br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="12%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other   abroad<br>   segments<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="10%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="6%" height="13" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:9.6pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total </font></b></p>    </td>   </tr>
<tr height="13" style="height:9.55pt;">
<td width="18%" height="13" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues </font></b></p>    </td>
<td width="9%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">94,457</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">74,403</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">168,860</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">5,355</font></b></p>    </td>
<td width="8%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">4,257</font></b></p>    </td>
<td width="12%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">9,612</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(575)</font></b></p>    </td>
<td width="6%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">177,898</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.55pt;">
<td width="18%" height="13" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt 7.9pt;text-indent:-.1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating costs without depreciation, amortization   and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of use assets</font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(60,909)</font></p>    </td>
<td width="10%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(48,767)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(109,676)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(3,707)</font></p>    </td>
<td width="8%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(2,947)</font></p>    </td>
<td width="12%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(6,654)</font></p>    </td>
<td width="10%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">575</font></p>    </td>
<td width="6%" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.55pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(115,755)</font></p>    </td>   </tr>
<tr height="13" style="height:9.55pt;">
<td width="18%" height="13" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt 7.9pt;text-indent:-.1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Depreciation, amortization and impairment of   PP&amp;E,&nbsp;Intangible assets and Rights of use assets</font></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(13,989)</font></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(17,514)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(31,503)</font></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(1,263)</font></p>    </td>
<td width="8%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(1,041)</font></p>    </td>
<td width="12%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(2,304)</font></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">-</font></p>    </td>
<td width="6%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.55pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(33,807)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" height="14" valign="bottom" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0.375pt 0in;width:9.74%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">19,559</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">8,122</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">27,681</font></b></p>    </td>
<td width="11%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">385</font></b></p>    </td>
<td width="8%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">269</font></b></p>    </td>
<td width="12%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">654</font></b></p>    </td>
<td width="10%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">28,336</font></b></p>    </td>   </tr>
<tr height="5" style="height:3.5pt;">
<td width="18%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="5" valign="top" bgcolor="white" style="background:white;height:3.5pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Earnings from associates</font></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<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="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">209</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Debt financial expenses</font></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<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="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(61,623)</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Other financial results, net</font></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<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="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">10,103</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Loss   before income tax expense</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(22,975)</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt .7pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp; Income tax   expense</font></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<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="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">11,291</font></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net loss</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="14" style="height:10.3pt;">
<td width="18%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:18.88%;">
<p style="margin:0in 0in .0001pt .7pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="9%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:9.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:11.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:8.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="6%" height="14" valign="bottom" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .7pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling Company</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="14" valign="top" bgcolor="white" style="background:white;height:10.3pt;padding:0in 0in 0in 0in;width:10.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">(11,758)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .7pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">74</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(11,684)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information per geographical area required under IFRS 8 (Operating Segments) is disclosed below (in current currency):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Sales revenues from customers located in Argentina amounted to $149,128 and $168,126 during the nine-month periods ended September&nbsp;30, 2019 and 2018, respectively; while sales revenues from foreign customers amounted to $10,571 and $9,772 during the nine-month periods ended September&nbsp;30, 2019 and 2018, respectively;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">11</font></b><a name="PB_11_084129_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">PP&amp;E, Goodwill,&nbsp;Intangible assets and Rights of use assets corresponding to the segment &#147;Services rendered in Argentina&#148; amounted to $447,909 and $439,280 as of September&nbsp;30, 2019 and as of December&nbsp;31, 2018, respectively; while PP&amp;E, Goodwill,&nbsp;Intangible assets and Rights of use assets corresponding to the segment &#147;Other abroad segments&#148; amounted to $18,803 and $16,222 as of September&nbsp;30, 2019 and as of December&nbsp;31, 2018, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">iii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Financial Debt corresponding to the segment &#147;Services rendered in Argentina&#148; amounted to $142,097 and $106,114 as of September&nbsp;30, 2019 and as of December&nbsp;31, 2018, respectively; while Financial Debt corresponding to the segment &#147;Other abroad segments&#148; amounted to $4,133 and $3,098 as of September&nbsp;30, 2019 and as of December&nbsp;31, 2018, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 32.2pt;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">d)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Net income (loss) per share</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic earnings per share are calculated by dividing the net income (loss) attributable to owners of the Parent (Telecom Argentina) by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) for the period by the weighted average number of ordinary shares issued and ordinary shares to be potentially issued at the end of the period. Since the Company has no dilutive potential ordinary stock outstanding, there are no dilutive earnings per share amounts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the three and nine month periods ended September&nbsp;30, 2019 and 2018, the weighted average number of shares outstanding amounted to 2,153,688,011.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">e)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Measuring Unit - IAS 29 (Financial reporting in hyperinflationary economies)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">IAS 29 establishes the conditions under which an entity shall restate its financial statements if it operates in an economic environment considered <i>&#147;hyperinflationary&#148;</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of characteristics to consider, including a cumulative inflation rate over three years that approximates or exceeds 100%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The macroeconomic events that have taken place in the country during the year 2018 and the three-year accumulated inflation rate as of December&nbsp;31, 2018, that reached 147.8%, evidenced compliance with the qualitative and quantitative factors provided for in IAS 29 to consider Argentina as a highly inflationary economy for accounting purposes. On the other hand, the FACPCE issued Governing Board Resolution No.&nbsp;539/18 on September&nbsp;29, 2018 in which defined the need to restate the financial statements of Argentine companies for reporting periods ended after July&nbsp;1, 2018, establishing specific issues in relation to the inflation restatement such as, for example, the indexes to be used (Resolution approved on October&nbsp;10, 2018, by the CPCECABA through Resolution No.&nbsp;107/2018).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Law No.&nbsp;27,468 (published in the Official Gazette on December&nbsp;4, 2018) amended Section&nbsp;10 of Law No.&nbsp;23,928, and its amendments, providing that the repeal of all the laws and regulations that establish or authorize price indexation, currency restatement, cost variance and any other form of restatement of debts, taxes, prices or fees related to property, works or services, does not apply to financial statements, which remain subject to Section&nbsp;62 of the LGS, as amended. In addition, it repealed Decree No.&nbsp;1,269/2002, as amended, and delegated on the PEN, through its oversight agencies, the power to set the date as from which those regulations will come into effect in relation to the financial statements that are presented to them.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Therefore, through Resolution No.&nbsp;777/18 (published in the Official Gazette on December&nbsp;28, 2018), the CNV, the local regulatory agency, established the method to restate financial statements in current currency to be applied by issuers subject to its oversight, in accordance with IAS 29 for years/periods ended as of December&nbsp;31, 2018. Therefore, these unaudited financial statements are restated in current currency of September&nbsp;30, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">In relation to the inflation index to be used, according to </font><font face="Arial">Governing Board <font style="background:white;">Resolution No.&nbsp;539/18, it was determined according to the Domestic Wholesale Price Index (WPI) until the year 2016, considering for the months of November&nbsp;and December&nbsp;2015 the average variation of the Consumer Price Index (CPI) of the City of Buenos Aires. Then, from January&nbsp;2017, the National Consumer Price Index (National CPI) was considered.</font></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">12</font></b><a name="PB_12_080641_403"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below shows the evolution of these indexes in the last three years and as of September&nbsp;30, 2019 and 2018 according to official statistics (INDEC) in accordance with Resolution No.&nbsp;539/18:</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;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of<br>   December&nbsp;31,<br>   2016</font></u></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of<br>   December&nbsp;31,<br>   2017</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of<br>   December&nbsp;31,<br>   2018</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of<br>   September&nbsp;30,<br>   2018</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of<br>   September&nbsp;30,<br>   2019</font></u></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation in Prices</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual </font></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">34.6%</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">24.7%</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">47.6%</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">40.4% </font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">53.7%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="34%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 years</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">102.2%</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">96.6%</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">147.8%</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">137.4%</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">159.9%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="34%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 months since June, 2019</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">14.1%</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">12.5%</font></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="34%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:34.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 9 months</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">n/a</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">32.3%</font></p>    </td>
<td width="13%" height="4" valign="top" style="height:3.15pt;padding:0in 5.4pt 0in 5.4pt;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">37.7%</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company followed the <font style="background:white;">same restatement policies for items </font>identified in the annual consolidated financial statements as of December&nbsp;31, 2018. The Foreign currency exchange gains (losses), as<font style="background:white;"> well as the accrued interest are determined in real terms, excluding the inflationary effect contained therein.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">f)&#160;&#160;&#160; </font></b><b><u><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">IFRS 16 (Leases)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In January&nbsp;2016,&nbsp;IFRS 16 was issued, which replaces IAS 17,&nbsp;IFRIC 14 and SIC 15 and 27. This standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated impact mainly on the lessees accounting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 16, effective as of January&nbsp;1, 2019, provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period. For a company to have control of use of an identified asset it:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">must have the right to obtain substantially all the economic benefits of the identified assets and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">must have the right to direct the use of the identified asset.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The adoption of IFRS 16 increases the values of assets and liabilities and generates a decrease in operating costs. In addition, there is an increase in the charge of amortization of Rights of use assets and financial results generated by the unwinding of the discount of the related liabilities. It also changes the presentation of the income statement and the statement of cash flows. This IFRS was applied retrospectively recognizing the cumulative effect as of the date of initial application.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom maintains several contracts that fall under the definition of leases in accordance with IFRS 16, which can be summarized as follows: a) sites leases (for antenna placement); b) real estate leases (for commercial offices and others); c) poles leases (for wiring layout); d) dark fiber rights of use (rental of optical fiber for </font><font face="Arial">data transmission) and e) space leases (for colocalization of antennas).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The initial impact of the implementation of this standard implied an increase in non-current assets due to the initial recognition of Rights of use assets of $6,168 and current and non-current liabilities for the initial recognition of Leases liabilities of $5,346 at current currency as of September&nbsp;30, 2019. Additionally, are reclassified to Rights of use assets, Asset Retirement Obligation of PP&amp;E of $222 and Indefeasible Rights of Use of Intangible Assets of $559.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The composition of the Rights of use assets net carrying value, valued at amortized cost, as of January&nbsp;1, 2019 and as of September&nbsp;30, 2019 is detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="64%" style="border-collapse:collapse;margin-left:.2in;">
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">January&nbsp;1,   2019</font></u></b></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">September&nbsp;30,   2019</font></u></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Poles</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">416</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">274</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Real estate and other</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,028</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,276</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Sites and other</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,369</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,618</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Occupation fee</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">355</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">327</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Asset Retirement Obligation</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">222</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">209</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Indefeasible rights of use </font></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">559</font></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">503</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">At the end of the period </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1)</font></b></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:28.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,949</font></b></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:28.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8,207</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)&nbsp;Include $1,039 and $1,014 corresponding to N&#250;cleo as of January&nbsp;1, 2019 and September&nbsp;30, 2019, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of the adoption of IFRS 16, in the income statement for the nine-month period ended September&nbsp;30, 2019, operating leases decreased by $2,317 an additional depreciation of assets by rights of use of $2,114 was recognized (without considering Indefeasible rights of use and Asset Retirement Obligation) and greater financial results were recognized as a result of the update of the Lease liabilities for $1,554, generating a net loss of $1,351 before income tax and a deferred income tax of $346 ($1,005 of net loss, </font><font face="Arial">of which $1,098</font><font face="Arial"> are attributable to controlling shareholders</font><font face="Arial">, </font><font face="Arial">$0.51 Argentine pesos per share). To the determination of the amounts disclosed below, the real interest rates used are 11% average in pesos and between 5% and 7% in US$.</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:1.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">13</font></b><a name="PB_13_081011_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 2 &#150; CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b><a name="NOTE2CASHANDCASHEQUIVALENTSANDIN_092801"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Cash and cash equivalents and Investments</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="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;">Cash and cash equivalents and investments consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:12.35pt;">
<td width="69%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Cash and cash equivalents</font></u></b></p>    </td>
<td width="14%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="15%" height="16" valign="top" style="border:none;height:12.35pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Cash and   Banks&nbsp; </font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,669</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,586</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Time   deposits</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">679</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">6,821</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="69%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Mutual   funds</font></p>    </td>
<td width="14%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">35,206</font></p>    </td>
<td width="15%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">82</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total cash and cash   equivalents</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">37,554</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9,489</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Investments</font></u></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Current </font></u></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Government bonds at fair value</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">248</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,002</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Government bonds at amortized   cost</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,960</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">714</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Mutual   funds</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">60</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Other investments at amortized   cost</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">170</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Allowance for credit risk (*)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,046)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   current investments</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,251</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,888</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Non- current</font></u></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Government bonds at amortized   cost</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,426</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">6,372</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;   Investments in associates (**)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,022</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,331</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; 2003   Telecommunications Fund</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Allowance for credit risk (*)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,370)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:69.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   non-current investments</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,079</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7,704</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(*) Constituted following the expected credit losses parameters provided by IFRS 9 as a consequence of a significant increase in these financial instruments&#146; credit risk.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(**) Information on Investments in associates is detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Financial position information:</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="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="60" style="height:44.9pt;">
<td width="36%" height="60" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:36.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Companies</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Main activity</font></b></p>    </td>
<td width="8%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:8.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Country</font></b></p>    </td>
<td width="12%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Percentage<br>   of capital<br>   stock owned<br>   and<br>   voting rights</font></b></p>    </td>
<td width="13%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Valuation as of<br>   09.30.2019</font></b></p>    </td>
<td width="11%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 5.4pt 0in 5.4pt;width:11.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Valuation as<br>   of 12.31.2018</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver T.V. S.A. (1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cable televisi&#243;n station</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="12%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">49.00</font></p>    </td>
<td width="13%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">574</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">814</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Teledifusora San Miguel Arc&#225;ngel S.A.   (1)&nbsp;(2)&nbsp;(3)</font></p>    </td>
<td width="16%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:16.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cable televisi&#243;n station</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="12%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">50.10</font></p>    </td>
<td width="13%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">237</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">312</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A. </font><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>
<td width="16%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:16.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Closed-circuit television</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="12%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">50.00</font></p>    </td>
<td width="13%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">205</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">197</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="36%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:36.98%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other minor investments in associates at   equity method</font></p>    </td>
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<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.36%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">8</font></p>    </td>   </tr>
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<td width="36%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:36.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="16%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:16.76%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:8.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="8" valign="top" style="height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:12.36%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,022</font></b></p>    </td>
<td width="11%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:5.65pt;padding:0in 5.4pt 0in 5.4pt;width:11.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,331</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Data about the issuer arise from extra-accounting information.</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Direct and indirect interest.</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Despite owning a percentage higher than a 50% of interest, the Company does not have the control in accordance with the requirements of IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Income information:</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;width:93.34%;">
<tr height="30" style="height:22.7pt;">
<td width="51%" height="30" valign="top" style="height:22.7pt;padding:0in 5.4pt 0in 5.4pt;width:51.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" colspan="2" height="30" valign="top" style="height:22.7pt;padding:0in 5.4pt 0in 5.4pt;width:24.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Three-months periods ended<br>   September&nbsp;30,</font></u></b></p>    </td>
<td width="2%" height="30" valign="top" style="height:22.7pt;padding:0in 0in 0in 0in;width:2.68%;">
<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="21%" colspan="2" height="30" valign="top" style="height:22.7pt;padding:0in 5.4pt 0in 5.4pt;width:21.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Nine-months periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="12" style="height:8.85pt;">
<td width="51%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:51.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:12.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="2%" height="12" valign="top" style="height:8.85pt;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:10.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.85pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="51%" height="15" valign="top" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:51.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ver T.V. S.A.</font></p>    </td>
<td width="12%" height="15" valign="bottom" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(310)</font></p>    </td>
<td width="12%" height="15" valign="bottom" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1)</font></p>    </td>
<td width="2%" height="15" valign="bottom" style="height:10.9pt;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(180)</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">122</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="51%" height="15" valign="top" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:51.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Teledifusora San Miguel   Arc&#225;ngel S.A.</font></p>    </td>
<td width="12%" height="15" valign="bottom" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(97)</font></p>    </td>
<td width="12%" height="15" valign="bottom" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font></p>    </td>
<td width="2%" height="15" valign="bottom" style="height:10.9pt;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(47)</font></p>    </td>
<td width="10%" height="15" valign="bottom" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>    </td>   </tr>
<tr height="16" style="height:11.8pt;">
<td width="51%" height="16" valign="top" style="height:11.8pt;padding:0in 5.4pt 0in 5.4pt;width:51.3%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="12%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.8pt;padding:0in 5.4pt 0in 5.4pt;width:12.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">17</font></p>    </td>
<td width="12%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.8pt;padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7</font></p>    </td>
<td width="2%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.8pt;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.8pt;padding:0in 5.4pt 0in 5.4pt;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">23</font></p>    </td>
<td width="10%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.8pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">26</font></p>    </td>   </tr>
<tr height="15" style="height:10.9pt;">
<td width="51%" height="15" valign="top" style="height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:51.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(390)</font></b></p>    </td>
<td width="12%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="2%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:10.9pt;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:10.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(204)</font></b></p>    </td>
<td width="10%" height="15" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:10.9pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">209</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance of current credit risk are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="60%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="60%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:60.92%;">
<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="19%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="19%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;height:11.9pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="60%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:60.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the fiscal year</font></b></p>    </td>
<td width="19%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="19%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions &#150; Other financial results, net</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,046)</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,046)</font></b></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </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" style="font-size:10.0pt;">Movements in the allowance of non-current credit risk are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="60%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="60%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:60.92%;">
<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="19%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="19%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;height:11.9pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="60%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:60.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the fiscal year</font></b></p>    </td>
<td width="19%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="19%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions &#150; Other financial results, net</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,370)</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,370)</font></b></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Additional information on the consolidated statements of cash flows</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">14</font></b><a name="PB_14_082134_7593"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For purposes of the preparation of the consolidated statements of cash flows, cash and cash equivalents comprise cash, bank and short-term highly liquid investments (with a maturity of three months or less). Bank overdrafts are disclosed in the statement of financial position as financial debts and its flows in the consolidated cash flow statements as proceed and payment of financial debt, because they are part of the short-term financial permanent structure of Telecom and its subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes in assets/liabilities components:</font></p>
<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="87%" style="border-collapse:collapse;width:87.34%;">
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net decrease (increase) in   assets</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Trade receivables</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">3,206</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(4,063)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Other receivables</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,209)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,254)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Inventories</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">90</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(447)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,087</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(5,764)</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net increase (decrease) in   liabilities</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Trade payables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(8,266)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,642)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Salaries and social security payables</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(610)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(875)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Taxes payables </font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(531)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(4,378)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other liabilities and   provisions</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(3,822)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(2,445)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(13,229)</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(9,340)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Main Financing activities components</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="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;">The following table presents the main financing activities components:</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="87%" style="border-collapse:collapse;width:87.34%;">
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank overdrafts</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">5,036</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">69</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notes</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">20,143</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">By purchase of equipment</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">755</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,166</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank and other financial entities loans</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">22,468</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">41,149</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   financial debt proceeds</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">48,402</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">42,384</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notes</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(2,580)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank and other financial entities loans</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(24,855)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(406)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">By purchase of equipment</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(2,084)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,535)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   payment of debt</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(26,939)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(4,521)</font></b></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank overdrafts</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(869)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(52)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank and other financial entities loans</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(4,919)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(2,725)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notes</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(806)</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,176)</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">By NDF, purchase of equipment and others</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">943</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">398</font></p>    </td>   </tr>
<tr>
<td width="71%" valign="top" style="padding:0in 0in 0in 0in;width:71.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total payment of interest   and related expenses</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(5,651)</font></b></p>    </td>
<td width="14%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3,555)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Cash dividends from the Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal year 2019</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; Meeting held on April&nbsp;24, 2019, decided to </font><font face="Arial">approve cash dividends for a total amount of $6,300 (equivalent to $ 2.925214779 per each outstanding share of $1 </font><font face="Arial">Argentine </font><font face="Arial">peso nominal value to date, approximately $7,758 in current currency of September&nbsp;30, 2019). That amount was available to shareholders on May&nbsp;7, 2019 (approximately $7,280 in current currency of September&nbsp;30, 2019).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the Company&#146;s Board of Directors, at its meeting held on August&nbsp;8, 2019, in use of the powers granted by the Company&#146;s Ordinary and Extraordinary Shareholders</font><font face="Arial">&#146;</font><font face="Arial"> Meeting held on April&nbsp;24, 2019, decided to reverse and distribute $7,045 of the &#147;Reserve for future cash dividends&#148; (equivalent to $3.271275861 for each outstanding share of $1 </font><font face="Arial">Argentine </font><font face="Arial">peso nominal value) and to make them available to shareholders on August&nbsp;16, 2019 (approximately $7,460 in constant currency as of September&nbsp;30, 2019).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal year 2018</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;31, 2018, the Board of Directors of Telecom Argentina approved (nominal amounts):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the reversal of 9,729,418,019 Argentine pesos, of the &#147;Reserve for future dividends payments&#148; of Telecom Argentina as of December&nbsp;31, 2017, and its distribution as cash dividends in two installments: i) 2,863,000,000 Argentine pesos on February&nbsp;15, 2018 and ii) 6,866,418,019 Argentine pesos on April&nbsp;30, 2018, being the Board empowered to make such payment on an earlier date if it deemed it convenient;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the distribution of 5,640,728,444 Argentine pesos, as advance cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the LGS, corresponding to the net profit (liquid and realized) of the period from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Telecom Argentina as of September&nbsp;30, 2017, which were paid on February&nbsp;15, 2018; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the distribution of 4,502,777,155 Argentine pesos, as distribution of interim cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the LGS, corresponding to the net profit (liquid and realized) of the period from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Cablevisi&#243;n S.A. as of September&nbsp;30, 2017, -absorbed by Telecom Argentina- which were paid on February&nbsp;15, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">15</font></b><a name="PB_15_082342_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends mentioned in items 2 and 3 above, were subsequently ratified by the Ordinary General Shareholders&#146; Meeting of April&nbsp;25, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In conclusion, the dividends distribution above mentioned for a total of $19,872,923,618 Argentine pesos (approximately $39,685 in current currency of September&nbsp;30, 2019) were paid on February&nbsp;15, 2018 for $13,006,505,599 Argentine pesos and on March&nbsp;21, 2018 for $6,866,418,019 Argentine pesos (approximately $38,456 in current currency of September&nbsp;30, 2019).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Payment of the dividends declared by Cablevisi&#243;n</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal Year 2018</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;8, 2018, Telecom Argentina, as surviving company of Cablevisi&#243;n S.A., paid the dividends declared by Cablevisi&#243;n on December&nbsp;18, 2017 for $4,077,790,056 Argentine pesos (approximately $8,143 in current currency of </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2019).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Cash dividends from controlled companies and associates</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal Year 2019</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="#212121" face="Arial" style="color:#212121;font-size:10.0pt;">On May&nbsp;2019 N&#250;cleo paid to non-controlling shareholders $201 ($277 in current currency of September&nbsp;30, 2019), that were approved by the </font><font face="Arial">N&#250;cleo General Ordinary Shareholders&#146; meeting held on April&nbsp;23, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During the nine-month period ended September&nbsp;30, 2019, dividends were collected from Ver T.V., Teledifusora S</font><font face="Arial">an Miguel Arc&#225;ngel and La Capital Cable for $125 &#150; $124, directly and $1 indirectly through Inter Radios &#150; ($147 </font><font face="Arial">in current currency of </font><font face="Arial">September&nbsp;30</font><font face="Arial">, 2019</font><font face="Arial">), $41 are still pending collection.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal Year 2018</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="#212121" face="Arial" style="color:#212121;font-size:10.0pt;">On May&nbsp;2018 N&#250;cleo paid to non-controlling shareholders $161 ($250 in current currency of September&nbsp;30, 2019), that were approved by the </font><font face="Arial">N&#250;cleo General Ordinary Shareholders&#146; Meeting held on April&nbsp;24, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During the nine-month period ended September&nbsp;30, 2018, dividends were collected from Ver T.V. and Teledifusora San Miguel Arc&#225;ngel and La Capital Cable for $36 </font><font face="Arial">(approximately $68 in current currency of September&nbsp;30, 2019)</font><font face="Arial">. These dividends corresponded to fiscal year 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Additional information required by IAS 7</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="47%" nowrap valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:47.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" nowrap valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Balances as<br>   of December<br>   31, 2018</font></u></b></p>    </td>
<td width="7%" nowrap valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:7.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Cash<br>   Flows</font></u></b></p>    </td>
<td width="9%" nowrap valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:9.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Accrued<br>   interests</font></u></b></p>    </td>
<td width="11%" nowrap valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:11.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Exchange<br>   differences,<br>   currency<br>   translation<br>   adjustments<br>   and Other </font></u></b></p>    </td>
<td width="12%" nowrap valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Balances as<br>   of September<br>   30, 2019</font></u></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:47.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Bank overdrafts &#150; principal</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3,134</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5,035</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(811)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">7,358</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:47.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Bank and other financial entities loans</font><font size="1" face="Arial" style="font-size:7.0pt;"> &#150; principal </font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">65,000</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,389)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7,136</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">69,747</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:47.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Notes &#150; principal </font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">22,137</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">18,061</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,854)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">38,344</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:47.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">NDF</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">137</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(739)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">803</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">201</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:47.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">By purchase of equipment</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,863</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">756</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:9.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">282</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,901</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:47.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Interests and related expenses</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">15,941</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,700)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6,952</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">10,486</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">26,679</font></b></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:47.58%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total current and   non-current financial debt (Note 11)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:10.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">109,212</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">14,024</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:9.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,952</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">16,042</font></b></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;width:12.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">146,230</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 3 &#150; TRADE RECEIVABLES</font></b><a name="NOTE3TRADERECEIVABLES_092814"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<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="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current trade receivables</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ordinary   receivables</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">20,181</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">27,422</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Contractual asset IFRS 15 </font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">133</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">85</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Companies under section 33 - Law   No.&nbsp;19,550 and related parties (Note 24.c)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">125</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">127</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Allowance for doubtful accounts</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,247)</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,654)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">16,192</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23,980</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current trade receivables</font></u></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.56%;">
<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="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ordinary   receivables</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">56</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Contractual asset IFRS 15 </font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">45</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">101</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">84</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total trade receivables, net</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">16,293</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">24,064</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for current doubtful accounts are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="69%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="15%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;height:11.9pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="69%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the fiscal year</font></b></p>    </td>
<td width="15%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(3,654)</font></b></p>    </td>
<td width="15%" height="16" valign="bottom" style="height:11.9pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(954)</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">IFRS 9 retained earnings adjustment </font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(333)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font><font size="1" face="Arial" style="font-size:9.0pt;"> &#150; Bad debt expenses</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,348)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,553)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses and Currency translation adjustments</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,755</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,206</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(4,247)</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,634)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">16</font></b><a name="PB_16_082726_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div>
<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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 4 &#150; OTHER RECEIVABLES</font></b><a name="NOTE4OTHERRECEIVABLES_092839"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="88%" style="border-collapse:collapse;">
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current other receivables</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Prepaid   expenses</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,485</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,979</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Tax   credits</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,321</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,877</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Financial   NDF </font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">942</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,033</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Companies under section 33 - Law   No.&nbsp;19,550 and related parties (Note 24.c)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">66</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">198</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Receivables from sale of customer   relationship</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">82</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">100</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Other</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,117</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,826</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Subtotal&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">6,013</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">7,013</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Allowance for current other   receivables</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(30)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(26)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">5,983</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">6,987</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non-current other receivables</font></u></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Prepaid   expenses</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">191</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">622</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Tax   credits</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">858</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">968</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Financial   NDF</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">62</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;   Regulatory Receivables (N&#250;cleo)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">221</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">214</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Receivables from sale of customer   relationship</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">85</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">155</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Other</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">291</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">352</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Subtotal&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,646</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,373</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total   other receivables&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">7,629</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">9,360</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the Allowance for current other receivables are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<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="37%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(26)</font></b></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Increases</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4)</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(20)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(30)</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.76%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(20)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 5 &#150; INVENTORIES</font></b><a name="NOTE5INVENTORIES_092842"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventories consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;">
<tr height="4" style="height:3.15pt;">
<td width="62%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:62.26%;">
<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="19%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:19.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="17%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.26%;">
<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="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mobile handsets and other</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,458</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,103</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Radio equipment and other</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">89</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Fixed telephones and equipment</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">90</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">21</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Inventories for construction projects</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,098</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">739</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,647</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,952</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Allowance for obsolescence of   inventories</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(188)</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(183)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.26%;">
<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="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,459</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">3,769</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for obsolescence of inventories are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(183)</font></b></p>    </td>
<td width="17%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:17.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(65)</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions </font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(21)</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:17.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(55)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decreases</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">16</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(188)</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(98)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 6 &#150; GOODWILL</font></b><a name="NOTE6GOODWILL_092844"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;margin-left:.25in;">
<tr height="11" style="height:8.15pt;">
<td width="55%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:55.24%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:22.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="22%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:22.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="11" style="height:8.15pt;">
<td width="55%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:55.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:22.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="22%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:22.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Argentina business </font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">164,796</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">164,796</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Abroad business (1)</font></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,006</font></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,061</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.24%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:22.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">165,802</font></b></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:22.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">165,857</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">The decrease in the amounts with respect to balance as of December&nbsp;31, 2018 corresponds to currency translation adjustments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 7 &#150; PROPERTY, PLANT AND EQUIPMENT</font></b><a name="NOTE7PROPERTYPLANTANDEQUIPMENT_092847"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">PP&amp;E before allowances and   impairment</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">216,550</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">207,956</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Valuation allowance for obsolescence and   impairment of materials</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(774)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(516)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Impairment allowance of PP&amp;E</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(466)</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(458)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.26%;">
<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="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">215,310</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">206,982</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">17</font></b><a name="PB_17_094200_906"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><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;">Movements in PP&amp;E (without considering the valuation allowance for obsolescence and impairment of materials and PP&amp;E) are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;width:73.34%;">
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">207,956</font></b></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">63,000</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Incorporation by merger</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">127,425</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   CAPEX</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">39,319</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">38,714</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Currency translation adjustments</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">345</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,562</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Decreases and </font><font size="1" face="Arial" style="font-size:9.0pt;">consumption of materials</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(121)</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(885)</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Depreciation of the period</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(30,949)</font></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(27,704)</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">216,550</font></b></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">204,112</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the valuation allowance for obsolescence and impairment of materials are as follows</font><font size="1" face="Arial" style="font-size:9.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;width:73.34%;">
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(516)</font></b></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(252)</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(258)</font></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(264)</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(774)</font></b></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(516)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the impairment allowance of PP&amp;E are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;width:73.34%;">
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(458)</font></b></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(8)</font></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(158)</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(466)</font></b></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(158)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 8 &#150; INTANGIBLE ASSETS</font></b><a name="NOTE8INTANGIBLEASSETS_092851"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;width:96.66%;">
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Intangible assets before impairment</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">79,629</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">84,118</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Impairment valuation allowance</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,236)</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,236)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<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="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">77,393</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">81,882</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in Intangible assets (without considering the impairment valuation allowance) are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;width:73.34%;">
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">84,118</font></b></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,384</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Incorporation by merger</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">81,049</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   CAPEX</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,111</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,528</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Currency translation adjustments</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">53</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">542</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Decreases</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(158)</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Amortization of the period</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5,653</font><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">)</font></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(</font><font size="1" face="Arial" style="font-size:9.0pt;">5,566</font><font size="1" face="Arial" style="font-size:9.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">79,629</font></b></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">85,779</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 9 &#150; RIGHT OF USE ASSETS</font></b><a name="NOTE9RIGHTOFUSEASSETS_092853"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;width:96.66%;">
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&nbsp; Leases rights of use</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">7,495</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&nbsp; Indefeasible right of use</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">503</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">559</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&nbsp; Asset Retirement Obligation</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">209</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">222</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.94%;">
<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="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">8,207</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">781</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in right of use assets are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;width:73.34%;">
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">781</font></b></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">186</font></b></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Incorporation by merger</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">650</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp; Incorporation by adoption of IFRS 16</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">6,168</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   CAPEX</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,509</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Decreases and currency translation adjustments</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(56)</font></p>    </td>
<td width="22%" valign="bottom" style="padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;   Amortization of the period</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,195)</font></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(81)</font></p>    </td>   </tr>
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the period</font></b></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,207</font></b></p>    </td>
<td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:22.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">755</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">18</font></b><a name="PB_18_095010_5796"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 10 &#150; TRADE PAYABLES</font></b><a name="NOTE10TRADEPAYABLES_092856"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="92%" style="border-collapse:collapse;margin-left:.1in;width:92.0%;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Suppliers and commercial accruals</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">29,048</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">30,688</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt 5.6pt;text-indent:-5.6pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Companies   under sect. 33 &#150; Law No.&nbsp;19,550 and Related Parties (Note 24.c)</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">722</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">782</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">29,770</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">31,470</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Suppliers and commercial accruals</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,725</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">784</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,725</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">784</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total trade payables&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">31,495</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">32,254</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 11 &#150; FINANCIAL DEBT</font></b><a name="NOTE11FINANCIALDEBT_092900"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="92%" style="border-collapse:collapse;margin-left:.1in;width:92.0%;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Bank overdrafts &#150; principal </font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">7,358</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">3,134</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Bank and   other financial entities loans &#150; principal</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">12,693</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">17,824</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; NDF</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">178</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">137</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; By purchase of equipment</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,</font><font size="1" face="Arial" style="font-size:8.5pt;">481</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,443</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Interest and   related expenses</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">9,047</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">5,062</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">30,757</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">27,600</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Notes &#150; principal</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">38,344</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">22,137</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Bank and   other financial entities loans &#150; principal</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">57,054</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">47,176</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; NDF</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">23</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; By purchase of equipment</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,420</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,420</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Interest and   related expenses</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">17,632</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">10,879</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">115,473</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">81,612</font></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total financial debt</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">146,230</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.22%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">109,212</font></b></p>    </td>   </tr>  </table>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Bank and other financial entities loans</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">a)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Syndicated Loan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;11, 2019 the Company repaid the outstanding balance of US$100 million which owed in relation to the syndicated loan agreement. On February&nbsp;2, 2018, the Company had entered into the agreement with Citibank, N.A., HSBC M&#233;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., in his capacity as a lender, Citigroup Global Markets Inc., HSBC M&#233;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Santander Investment Securities Inc. as organizers, Citibank N.A. as an administrative agent and the Branch of Citibank N.A. in Argentina, as a local custodian agent for an aggregate principal amount of US$1,000 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">b)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Disbursements for loan with IFC</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;18, 2019, the Company received a disbursement for a total amount of US$290 million (US$285.5 million were received, because US$4.5 million corresponding to debt issuance expenses were deducted from the initial disbursement) in relation to the loan agreement that the Company signed with IFC for a total amount of up to US$450 million on March&nbsp;4, 2019. The disbursement of US$290 million is divided into two tranches: a) a disbursement of US$160 million, which accrues interest payable semiannually for periods that are due at an annual rate equal to LIBO plus 4.85 percentage points, which will be cancelled in 8 consecutive semiannual equal installments from February&nbsp;2021 with maturity date in August&nbsp;2024 and b) a disbursement of US$130 million, which accrues interest payable semiannually for periods that are due at an annual rate equal to LIBO plus 4.60 percentage points, which will be cancelled in 6 consecutive semiannual equal installments from February&nbsp;2021 with maturity date in August&nbsp;2023.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, on April&nbsp;25, 2019, an additional disbursement was received for a total amount of US$20 million which accrues interest payable semiannually for periods that are due at an annual rate equal to LIBO plus 4.85 percentage points, which will be cancelled in 8 consecutive semiannual equal installments from February&nbsp;2021 and final maturity in August&nbsp;2024.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, an amount of $17,694 remained unpaid.</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">c)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Pre-cancellation of Term Loan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;17, 2018, Telecom had requested a disbursement of US$500 million in relation to the loan agreement with Citibank, N.A., HSBC Mexico, S.A., </font><font face="Arial">Multiple Banking Institution</font><font face="Arial">, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., in its capacity as lenders, Citibank, N.A., HSBC Mexico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. as organizers, Citibank N.A. as an administrative agent and the Citibank N.A. branch established in Argentina, as agent of local custody, for a term of 48 months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">19</font></b><a name="PB_19_095228_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;25, 2019, Telecom proceeded to a partial pre-cancellation of the loan by paying US$101.4 million (US$100 million of capital and US$1.4 million of interest). Also, on July&nbsp;25, 2019, Telecom proceeded to a partial pre-cancellation of the loan, paying US$100.15 million (US$100 million of capital and US$0.15 million of interest).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, an amount of $17,347 remained unpaid.</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">d)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Disbursements from loans with IDB</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;7, 2019, a disbursement for a total amount of US$75 million was received (US$74.15 million were received, because US$0.85 million corresponding to debt issuance expenses were deducted from the initial disbursement) in relation to the loan of May&nbsp;29, 2019 with </font><font face="Arial">Inter-American Development Bank (IDB invest) for a total amount of up to US$300 million</font><font face="Arial">. This debt accrues interest of LIBO plus 4.90 percentage points, which will be cancelled semiannually in 10 consecutive semiannual equal installments from November&nbsp;2021 with maturity date in May&nbsp;2026.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, on July&nbsp;11, 2019, an additional disbursement was received for a total amount of US$25 million (US$24.55 million were received, because US$0.45 million corresponding to debt issuance expenses were deducted from the initial disbursement) which accrues interest payable semiannually for periods that are due at an annual rate equal to LIBO plus 4.60 percentage points, which will be cancelled in 6 consecutive semiannual equal installments from May&nbsp;2021 and final maturity in November&nbsp;2023.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, an amount of $5,794 remained unpaid.</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">e)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Other bank loans</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;11, 2019, a disbursement for a total amount of US$4.4 million in relation to the credit line with </font><font face="Arial">Banco Macro S.A. was received</font><font face="Arial">. This debt accrues interest of 6 percentage points payable in the maturity date in January&nbsp;2020.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;24, 2019, </font><font face="Arial">the Company submitted a proposal for an import credit line for a total amount of up to US$8.4 million to Banco Galicia. The Company order the bank to make payments directly to external suppliers, when disbursements were not made. </font><font face="Arial">The loan accrues interest at a rate equal to 6.45 percentage points payable in the maturity date in June&nbsp;2020.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, an amount of $752 remained unpaid.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, on August&nbsp;20, 2019, the loan granted by Banco Macro in August&nbsp;2018, matured. Telecom paid on that date US$10.6 million (US$10 million of capital and US$0.6 million interests).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Notes</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">a)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Notes of Telecom</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;28, 2017, Telecom Argentina held an Ordinary Shareholders&#146; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies. The powers delegation to the Board of Directors to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities was also approved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;10, 2019, the Company informed CNV about the renewal of the period of placement of Notes for an amount of nominal value of US$300 million, that can be increased to US$500 million, whose funds must be used to the refinancing of liabilities, including the use of up to US$250 million to refinance Class&nbsp;&#147;A&#148; Notes that due in 2021.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The amount of the Notes finally issued and its main characteristics are detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Series&nbsp;I</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuance date:</font></b><font face="Arial"> July&nbsp;18, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount involved:</font></b><font face="Arial"> US$400 million (approximately $17,148 as of the date of issuance).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expiration Date:</font></b><font face="Arial"> July&nbsp;18, 2026.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amortization:</font></b><font face="Arial"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on its maturity date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest rate:</font></b><font face="Arial"> It bears interest semiannually from its issuance date until its maturity date at a fixed annual rate of 8.00%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Payment Date:</font></b><font face="Arial"> Interest will be paid semiannually in arrears since issuance date. The last interest payment date will be the maturity date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company received a disbursement for a total amount of US$392.36 million was received, since US$2.4 million corresponding to debt issuance expenses were deducted from the initial disbursement and US$5.24 million corresponded to issuance under par, equivalent to $16,820 as of the date of the disbursement collection.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Having expired the offer to repurchase Class&nbsp;&#147;A&#148; Notes on August&nbsp;9, 2019, the Company used </font><font face="Arial">US$</font><font face="Arial">34.15 million to repurchase these Notes. Additionally, on July&nbsp;23, 2019, the Company informed CNV regarding the use of part of the funds received by the above mentioned Notes, to partial prepay the Term Loan (loan requested in October&nbsp;2018) of US$100 million, which were paid on July&nbsp;25, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, an amount of $50,153 of Telecom&#146;s Notes remained unpaid.</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 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">b)</font></b><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Notes of N&#250;cleo</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Extraordinary Shareholders&#146; Meeting of N&#250;cleo held on April&nbsp;24, 2018 amended section 3, 7, 9 and 10 of its bylaws in order to adapt them to the regulations of the securities market, becoming N&#250;cleo, from the registration of the modification of its bylaws in the Public Registry, in a Public Limited Company (SAE).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;4, 2019, N&#250;cleo requested the National Securities Commission and the Stock and Products Exchange of Asunci&#243;n to register the Global Issuance Program that foresees the issuance of notes for an amount of up to 500,000,000,000 of Guaran&#237;es (approximately $3,200 as of January&nbsp;4, 2019) under the conditions that are defined by the Board of Directors in each series.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;5, 2019, the Paraguayan </font><font face="Arial">National Securities Commission </font><font face="Arial">authorized the mentioned Program through Resolution No.&nbsp;11E/19. Under such Program, N&#250;cleo proceeded to issue Notes in two Series&nbsp;with the following conditions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Series&nbsp;I</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuance date:</font></b><font face="Arial"> March&nbsp;12, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount involved:</font></b><font face="Arial"> 120,000,000,000 of Guaran&#237;es (approximately $841 as of the date of issuance).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expiration Date:</font></b><font face="Arial"> 60 months from its issuance date (</font><font face="Arial">March&nbsp;12, 2019</font><font face="Arial">).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amortization:</font></b><font face="Arial"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on its maturity date (March&nbsp;11, 2024).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest rate:</font></b><font face="Arial"> It bears interest from its issuance date until its maturity date at a fixed annual rate of 9.00%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Payment Date:</font></b><font face="Arial"> Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Series&nbsp;II</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Issuance date:</font></b><font face="Arial"> March&nbsp;28, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amount involved:</font></b><font face="Arial"> 30,000,000,000 of Guaran&#237;es (approximately $210 as of the date of issuance).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Expiration Date:</font></b><font face="Arial"> 60 months from its issuance date (</font><font face="Arial">March&nbsp;28, 2019</font><font face="Arial">).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Amortization:</font></b><font face="Arial"> Capital will be settled by one payment in an amount equal to 100% of total capital, payable on its maturity date (March&nbsp;26, 2024).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest rate:</font></b><font face="Arial"> It bears interest from its issuance date until its maturity date at a fixed annual rate of 9.00%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:21.3pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Interest Payment Date:</font></b><font face="Arial"> Interest will be paid quarterly in arrears since issuance date. The last interest payment date will be the maturity date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, an amount of $1,364 remained unpaid.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">By purchase of equipment</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;7, 2019, the Company submitted a proposal for an export credit line for a total amount of up to US$96 million to the following entities: (i)&nbsp;Banco Santander, S.A. and JPMorgan Chase Bank, N.A., London Branch, as initial lenders, lead coordinators and guarantors of residual risk, (ii)&nbsp;JPMorgan Chase Bank, N.A., London Branch, as a financing agent and ECA bank, (iii)&nbsp;Banco Santander, S.A. as a bank of documentation and (iv)&nbsp;Banco Santander R&#237;o S.A. as a local custody agent, which was accepted on the same date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The line of credit is guaranteed by Finnvera plc, the official export credit agency of Finland, which granted a bond in favor of the lenders subject to certain terms and conditions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The financing consists of a tranch &#147;A&#148; and a tranch &#147;B&#148; whose disbursed capital will accrue interest at an annual rate equivalent to LIBO plus 1.04 percentage points payable semiannually and will be payable in 14 equal and consecutive semiannual installments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">21</font></b><a name="PB_21_095302_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The funds received will be used to finance up to 85% of the value of certain imported goods and services, the value of certain national goods and services and the total payment of the Finnvera surplus equivalent to 7.82% of the total amount committed by the lenders under the line of credit.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;23, 2019, a disbursement for a total amount of US$36 million (US$30.6 million were received, because US$2.8 million corresponding to debt issuance expenses were deducted from the initial disbursement and US$2.6 corresponding to the payment of the first installment). This debt accrues interest at a rate equivalent to LIBO plus 1.04 percentage points payable semiannually in 13 consecutive semiannual equal installments from November&nbsp;2019 with maturity date in November&nbsp;2025.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, the Company has debt agreements with Cisco related to purchase equipment financing. During the nine-month period ended September&nbsp;30, 2019, the Company received from Cisco Systems Capital Corporation, additional financing amounting to approximately US$37 million under these agreements. Such agreements have an average maturity term of forty-nine months with partial repayments and accrue an average annual interest of 4 percentage points.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, an amount of $5,906 of the above-mentioned loans by purchase of equipment remained unpaid.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, loans&#146; fair value amounted to $141,138 and its carrying value amounted to $146,230.</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 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 12 &#150; SALARIES AND SOCIAL SECURITY PAYABLES</font></b><a name="NOTE12SALARIESANDSOCIALSECURITYP_093020"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.1in;width:95.32%;">
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Salaries, annual complementary   salaries, vacation and bonuses</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5,706</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,021</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Social security payables</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,209</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,762</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">509</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">407</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">7,424</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,190</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">609</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">478</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">609</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">478</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total salaries and social   security payables&nbsp;</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,033</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,668</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 13 &#150; DEFERRED INCOME TAX ASSETS/LIABILITIES</font></b><a name="NOTE13DEFERREDINCOMETAXASSETSLIA_093022"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred income tax assets and liabilities, net and the actions for recourse tax receivable are presented below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="62%" style="padding:0in 0in 0in 0in;width:62.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Tax carryforward</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,401)</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,946)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Allowance for   doubtful accounts</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,340)</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,273)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Provisions</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,317)</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,463)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">PP&amp;E and Intangible assets</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">46,759</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">41,018</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash dividends from foreign companies</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">539</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">575</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Inflation adjustment effect</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,679</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Other deferred tax liabilities (assets), net</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">772</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(97)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   deferred tax liabilities, net&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">46,691</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">34,814</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Actions for recourse tax receivable</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(818)</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,127)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total deferred tax   liability, net&nbsp; </font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">45,873</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">33,687</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net deferred tax   assets&nbsp; </font></b></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(135)</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(107)</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:62.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;Net deferred tax liabilities&nbsp; </font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">46,008</font></b></p>    </td>
<td width="19%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.64%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">33,794</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">22</font></b><a name="PB_22_095821_4404"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><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;">Following,&nbsp;Income tax (expense) benefit differed from the amounts computed by applying the Company&#146;s statutory income tax rate to pre-tax income as a result of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="75%" style="border:none;border-collapse:collapse;width:75.3%;">
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="32%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Nine-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Pre-tax loss</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(165)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(22,975)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-taxable items - Earnings from associates</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">204</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(209)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-taxable items &#150; Other</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(340)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(36)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Inflation effect of Equity, goodwill and other</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">50,569</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25,271</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">50,268</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,051</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Weighted statutory income tax rate (*)</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">24.86%</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">21.36%</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax expense at   weighted statutory tax rate</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(12,496)</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(438)</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Inflation adjustment effect</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8,519)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Restatement of Deferred liability at current   currency</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,537</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,788</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax on cash dividends of foreign companies</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(54)</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(59)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax (expense)   benefit&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(12,532)</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,291</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current tax expense</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(141)</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(186)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:67.2%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred tax (expense) gain</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,391)</font></p>    </td>
<td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,477</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 7.1pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(</font><font size="1" face="Arial" style="font-size:7.0pt;">*</font><font size="1" face="Arial" style="font-size:7.0pt;">) Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 30% for the periods presented (since January&nbsp;1</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">st</font><font size="1" face="Arial" style="font-size:7.0pt;">, 2020, the statutory tax rate will be 25%). In Paraguay is 10% plus an additional rate of 5% in case of payment of dividends for the periods presented, in Uruguay is 25% for the periods presented and in the USA the effective tax rate is 26.5% for the periods presented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Symbol" style="font-size:10.0pt;font-style:italic;">&#183;</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Arial" style="font-style:italic;">Inflation adjustment</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Law No.&nbsp;27,430 and its amendment and Law No.&nbsp;27,468 provide that, effective as from fiscal years beginning on or after January&nbsp;1, 2018, the inflation adjustment procedure set out in Title VI of the income tax law shall be applicable in fiscal years in which the variation of the accumulated CPI in the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the first, second and third year as from its effectiveness, this procedure shall be applicable as long as the accumulated variation of the CPI, calculated from the beginning of the first year to the end of each year, is 55%, 30% and 15% higher, respectively. Likewise, it is foreseen that the restatement for positive or negative inflation, depending on the case, corresponding to the first, second and third fiscal year beginning on January&nbsp;1, 2018 that must be calculated in order to verify the anticipated assumptions, should be recognized one third in that fiscal period and the remaining two thirds, in equal parts, in the next two immediate fiscal periods.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2018 accumulated variation of CPI did not meet 55%. Therefore, inflation adjustment procedure was not applied in that fiscal year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of these consolidated financial statements, the accumulated variation of the CPI is higher than the percentage established to apply the tax inflation adjustment. Therefore, and in accordance with a comprehensive interpretation of the applicable standards, the Company recognizes the accounting impacts of the inflation adjustment of income tax.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Symbol" style="font-size:10.0pt;font-style:italic;">&#183;</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Arial" style="font-style:italic;">Income tax - Actions for recourse filed with the Tax Authority</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As detailed in Note 15 to the consolidated financial statements as of December&nbsp;31, 2018, the Company initiated in 2015, 2016, 2017 and 2018 actions for recourse in AFIP to claim the total income tax paid in excess for fiscal years 2009, 2010, 2011, 2012 and 2013 for considering confiscatory the non-application of the adjustment for tax inflation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;24, 2019 Telecom was notified of the resolutions dated September&nbsp;12, 2019 and August&nbsp;30, 2019 in which the AFIP has rejected the actions for recourse corresponding to fiscal years 2009 and 2010 respectively. On October&nbsp;15, 2019, Telecom filed two actions for recourse before the National Court of First Instance, since the Company&#146;s Management, with the assistance of its tax advisors, understands that the arguments presented by the Company follow the same criteria as those considered by the Supreme Court of Argentina in similar precedents, among others. Therefore, the Company should obtain a favorable resolution to such claims.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 14 &#150;TAXES PAYABLES</font></b><a name="NOTE14TAXESPAYABLES_093029"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.1in;width:95.32%;">
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Income tax (*)</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">22</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">16</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Other national taxes </font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,873</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">931</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Provincial taxes</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">319</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,999</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Municipal taxes</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">311</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">247</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,525</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">3,193</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non- current</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Provincial taxes</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">17</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">36</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">17</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">36</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total   taxes payables&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,542</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">3,229</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">23</font></b><a name="PB_23_100052_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><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 style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 15 &#150; LEASES LIABILITIES</font></b><a name="NOTE15LEASESLIABILITIES_093053"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Current</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,829</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Non-current </font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">3,657</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total   leases liabilities&nbsp;&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">6,486</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>   </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;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 16 &#150; OTHER LIABILITIES</font></b><a name="NOTE16OTHERLIABILITIES_093055"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">September&nbsp;30, </font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Deferred revenues on prepaid   calling cards</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">751</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">978</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Deferred revenues on connection   fees and international capacity leases</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">130</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">105</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Deferred revenues on construction   projects </font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">188</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">443</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Customer loyalty program</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">177</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">238</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Irrevocable Call and Put Option   on the Shares of AVC (Note 26.h)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">102</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Compensation for directors and   members of the Supervisory Committee</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">12</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">65</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt 5.6pt;text-indent:-5.6pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Companies   under sect. 33 &#150; Law No.&nbsp;19,550 and Related Parties (Note 24.c)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">4</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Other (*)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">294</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">288</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,658</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,117</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Deferred revenues on connection   fees and international capacity leases</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">265</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">350</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Pension benefits</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">342</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">337</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Customer loyalty program</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">288</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">386</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Other </font><font size="1" face="Arial" style="font-size:8.5pt;">(*)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">460</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">527</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,355</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,600</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total   other liabilities&nbsp;&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">3,013</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">3,717</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) <font color="#212121" style="background:white;color:#212121;">Includes deferred revenue from subsidiaries for government subsidies for the acquisition of </font>PP&amp;E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 17 &#150; PROVISIONS</font></b><a name="NOTE17PROVISIONS_093057"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in Provisions are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="83%" style="border-collapse:collapse;">
<tr height="24" style="height:.25in;">
<td width="24%" height="24" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:24.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:10.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2018</font></b></p>    </td>
<td width="24%" colspan="2" height="24" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:24.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Additions<br><br></font></b></p>    </td>
<td width="15%" height="24" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:15.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:12.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="12%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">as of <br>   September<br>   30, 2019</font></b></p>    </td>   </tr>
<tr height="36" style="height:26.75pt;">
<td width="24%" height="36" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:26.75pt;padding:0in 0in 0in 0in;width:24.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Capital</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(i)</font></b></p>    </td>
<td width="13%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Interest <br>   (ii)</font></b></p>    </td>
<td width="15%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Reclassifications</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="24%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:24.04%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="10%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="24%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:24.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Provisions</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,024</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">171</font></p>    </td>
<td width="13%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>    </td>
<td width="15%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,156</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,442)</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">909</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="24%" height="11" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:24.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total current provisions&nbsp;</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,024</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">171</font></b></p>    </td>
<td width="13%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="15%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,156</font></b></p>    </td>
<td width="12%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2,442)</font></b></p>    </td>
<td width="12%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">909</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="24%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:24.04%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Non- Current</font></u></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="24%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:24.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Provisions</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">4,093</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">687</font></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,000</font></p>    </td>
<td width="15%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,156)</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,624</font></b></p>    </td>   </tr>
<tr height="8" style="height:6.2pt;">
<td width="24%" height="8" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:6.2pt;padding:0in 0in 0in 0in;width:24.04%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Asset retirement obligations</font></p>    </td>
<td width="10%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">682</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1</font></p>    </td>
<td width="13%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">156</font></p>    </td>
<td width="15%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(216)</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">623</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.8pt;">
<td width="24%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.8pt;padding:0in 0in 0in 0in;width:24.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   non-current provisions&nbsp;</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4,775</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">688</font></b></p>    </td>
<td width="13%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,156</font></b></p>    </td>
<td width="15%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2,156)</font></b></p>    </td>
<td width="12%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(216)</font></b></p>    </td>
<td width="12%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4,247</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="24%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:24.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.45pt;">
<td width="24%" height="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:4.45pt;padding:0in 0in 0in 0in;width:24.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   provisions&nbsp;</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:10.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,799</font></b></p>    </td>
<td width="11%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:11.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">859</font></b></p>    </td>
<td width="13%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:13.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,156</font></b></p>    </td>
<td width="15%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:15.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="12%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:12.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2,658)</font></b></p>    </td>
<td width="12%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,156</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="92%" style="border-collapse:collapse;width:92.92%;">
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" rowspan="2" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2017</font></b></p>    </td>
<td width="11%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Incorporation<br>   by merger</font></b></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:16.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Additions<br><br></font></b></p>    </td>
<td width="15%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Reclassifications</font></b></p>    </td>
<td width="12%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:12.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="13%" rowspan="2" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:13.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">as of <br>   September<br>   30, 2018</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Capital</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(i)</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Interest <br>   (ii)</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="21%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:21.6%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="21%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:21.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Provisions</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">825</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">87</font></p>    </td>
<td width="8%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>    </td>
<td width="15%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,630</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(1,787)</font></p>    </td>
<td width="13%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">755</font></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="21%" height="11" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:21.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total current provisions&nbsp;</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">825</font></b></p>    </td>
<td width="7%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">87</font></b></p>    </td>
<td width="8%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="15%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,630</font></b></p>    </td>
<td width="12%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1,787)</font></b></p>    </td>
<td width="13%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">755</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="21%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:21.6%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Non- Current</font></u></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="21%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:21.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Provisions</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,738</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">2,551</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">857</font></p>    </td>
<td width="8%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">641</font></p>    </td>
<td width="15%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(1,630)</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4,157</font></p>    </td>   </tr>
<tr height="8" style="height:6.2pt;">
<td width="21%" height="8" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:6.2pt;padding:0in 0in 0in 0in;width:21.6%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Asset retirement   obligations</font></p>    </td>
<td width="10%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">479</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">754</font></p>    </td>
<td width="7%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">11</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">120</font></p>    </td>
<td width="15%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(327)</font></p>    </td>
<td width="13%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">1,037</font></p>    </td>   </tr>
<tr height="13" style="height:9.8pt;">
<td width="21%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.8pt;padding:0in 0in 0in 0in;width:21.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   non-current provisions&nbsp;</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,217</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,305</font></b></p>    </td>
<td width="7%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">868</font></b></p>    </td>
<td width="8%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">761</font></b></p>    </td>
<td width="15%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1,630)</font></b></p>    </td>
<td width="12%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(327)</font></b></p>    </td>
<td width="13%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,194</font></b></p>    </td>   </tr>
<tr height="21" style="height:15.7pt;">
<td width="21%" height="21" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:15.7pt;padding:0in 0in 0in 0in;width:21.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="21" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:15.7pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="21" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:15.7pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="21" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:15.7pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="21" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:15.7pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" height="21" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:15.7pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="21" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:15.7pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="21" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:15.7pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.45pt;">
<td width="21%" height="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:4.45pt;padding:0in 0in 0in 0in;width:21.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total provisions&nbsp;</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:10.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,217</font></b></p>    </td>
<td width="11%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:11.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4,130</font></b></p>    </td>
<td width="7%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:7.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">955</font></b></p>    </td>
<td width="8%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:8.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">761</font></b></p>    </td>
<td width="15%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:15.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="12%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:12.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2,114)</font></b></p>    </td>
<td width="13%" height="6" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,949</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Charged to Other operating income and expenses.</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Charged to Other financial results, net, interests on provisions line item.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">24</font></b><a name="PB_24_091729_504"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 18 &#150; ADDITIONAL INFORMATION</font></b><a name="NOTE18ADDITIONALINFORMATION_093104"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Aging of assets and liabilities as of September&nbsp;30, 2019</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="31%" valign="top" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:31.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" style="border-bottom:none;border-left:none;border-right:double black 2.25pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:solid black 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Date due</font></b></p>    </td>
<td width="15%" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cash and cash<br>   equivalents</font></b></p>    </td>
<td width="13%" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Investments</font></b></p>    </td>
<td width="12%" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Trade receivables</font></b></p>    </td>
<td width="14%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other receivables</font></b></p>    </td>
<td width="13%" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Income tax<br>   assets</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total due</font></b></p>    </td>
<td width="15%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">5,407</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">15</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Not due</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Fourth quarter 2019</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">37,554</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,218</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">9,777</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,884</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">First quarter 2020</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">651</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,749</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Second quarter 2020</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">2</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">272</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">2,209</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Third quarter 2020</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">30</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">85</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">126</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">October&nbsp;2020 thru September&nbsp;2021</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">489</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">101</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,260</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">October&nbsp;2021 thru September&nbsp;2022</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">317</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">99</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">October&nbsp;2022 and thereafter</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">250</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">83</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Not date due established</font></p>    </td>
<td width="15%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">204</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">135</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:solid black 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total not due</font></b></p>    </td>
<td width="15%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">37,554</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,308</font></b></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">10,886</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">7,614</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">135</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:double black 2.25pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="15%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">37,554</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,308</font></b></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">16,293</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">7,629</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">135</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances bearing interest</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">35,884</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">2,307</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,761</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">152</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:solid black 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances not bearing interest</font></b></p>    </td>
<td width="15%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,670</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">14,532</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">7,477</font></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:solid windowtext 1.0pt;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">135</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:double black 2.25pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="15%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">37,554</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,308</font></b></p>    </td>
<td width="12%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">16,293</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">7,629</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">135</font></b></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="31%" valign="top" style="border-bottom:double black 2.25pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.22%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Average nominal annual interest rate (%)</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(a)</font></b></p>    </td>
<td width="13%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(b)</font></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(c)&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">10.5</font></b></p>    </td>
<td width="13%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(a)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">56 are assets in Argentine pesos bearing interests at annual rates of 34% and 35,828 are assets in foreign currency bearing interests at annual rates between 0.75% and 6.5%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(b)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Are assets in foreign currency bearing interests at annual rates between 3.24% and 8.75%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(c)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">1,622 bear </font><font size="1" face="Arial" style="font-size:6.0pt;">interests at an annual rate of 59.4%</font><font size="1" face="Arial" style="font-size:6.0pt;">, 114 bear </font><font size="1" face="Arial" style="font-size:6.0pt;">interests at an annual rate of 36% </font><font size="1" face="Arial" style="font-size:6.0pt;">and 25 bear </font><font size="1" face="Arial" style="font-size:6.0pt;">interests at an annual rate of 91.3%</font><font size="1" face="Arial" style="font-size:6.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.14%;">
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:none;border-left:none;border-right:double black 2.25pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:solid black 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Date due</font></b></p>    </td>
<td width="8%" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>    </td>
<td width="8%" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Financial<br>   debt</font></b></p>    </td>
<td width="14%" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Salaries and social<br>   security payables</font></b></p>    </td>
<td width="11%" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other taxes<br>   payables</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Leases<br>   liabilities</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other<br>   liabilities</font></b></p>    </td>
<td width="8%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Income tax<br>   payables</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total due</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,380</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Not due</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<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="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<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="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<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="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<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="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Fourth quarter 2019</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">26,067</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">8,095</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">4,122</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">2,501</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,310</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,245</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">First quarter 2020</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">846</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">11,596</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,700</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">251</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">134</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Second quarter 2020</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">296</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">4,761</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,524</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">19</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">957</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">146</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Third quarter 2020</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">181</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">6,305</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">78</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">2</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">311</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">133</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">October&nbsp;2020 thru September&nbsp;2021</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,383</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">50,473</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">280</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">10</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,680</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">471</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">October&nbsp;2021 thru September&nbsp;2022</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">208</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">29,906</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">169</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">7</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">625</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">186</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">October&nbsp;2022 and thereafter</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">134</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">35,094</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">160</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">1,352</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">698</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Not date due established</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">46,008</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:solid black 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total not due</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">29,115</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">146,230</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">8,033</font></b></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,542</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">6,486</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,013</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">46,008</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:double black 2.25pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">31,495</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">146,230</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">8,033</font></b></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,542</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">6,486</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,013</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">46,008</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances bearing interest</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">146,200</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">26</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:solid black 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances not bearing interest</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">31,495</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">30</font></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">8,033</font></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">2,516</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">6,486</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">3,013</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">46,008</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:double black 2.25pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">31,495</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">146,230</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">8,033</font></b></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,542</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">6,486</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">3,013</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">46,008</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="border-bottom:double black 2.25pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:30.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Average nominal annual interest rate (%)</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">(d)</font></b></p>    </td>
<td width="14%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:14.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">18.0</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">(e)</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.68%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(d)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">7,534 are liabilities in Argentine pesos </font><font size="1" face="Arial" style="font-size:6.0pt;">bearing interests at annual rates between 20% and 55.8%</font><font size="1" face="Arial" style="font-size:6.0pt;">, 138,493 are liabilities in foreign currency </font><font size="1" face="Arial" style="font-size:6.0pt;">bearing interests at annual rates between 3.62% and 8.88% and 173 bear interests at an annual interest of </font><font size="1" face="Arial" style="font-size:6.0pt;">2.22%.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">(e)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">See Note 1.f).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Foreign currency financial assets and liabilities</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets and liabilities denominated in foreign currencies as of September&nbsp;30, 2019 and December&nbsp;31, 2018 are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="70%" style="border-collapse:collapse;width:70.0%;">
<tr>
<td width="35%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="32%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:32.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">09.30.2019</font></b></p>    </td>
<td width="32%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:32.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">12.31.2018</font></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="64%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:64.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">In equivalent millions of   Argentine pesos</font></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="32%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:32.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">47,230</font></p>    </td>
<td width="32%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:32.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">23,561</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:32.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(166,694)</font></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:32.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(124,229)</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Liabilities   Net</font></b></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:32.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(119,464)</font></b></p>    </td>
<td width="32%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:32.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(100,668)</font></b></p>    </td>   </tr>  </table>
</div>
<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;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to reduce this net position (debt) in foreign currency, Telecom has NDF as of September&nbsp;30, 2019 amounting to US$151 million, therefore the net liability not hedged amounts to approximately US$1,921 million as that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Offsetting of financial assets and financial liabilities</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The information required by the amendment to IFRS 7 as of September&nbsp;30, 2019 and December&nbsp;31, 2018 is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.18%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:48.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of September&nbsp;30,   2019</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.18%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   liabilities</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.18%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Current and non-current assets (liabilities) - Gross   value</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">18,131</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:13.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">2,583</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(33,333)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(902)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.18%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Offsetting</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(1,838)</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(30)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,838</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">30</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:51.18%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Current and non-current   assets (liabilities) &#150; Booked value </font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:12.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">16,293</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:13.44%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">2,553</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:11.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(31,495)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:11.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(872)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">25</font></b><a name="PB_25_091949_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="92%" style="border-collapse:collapse;margin-left:.1in;width:92.0%;">
<tr>
<td width="48%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:48.82%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:51.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31, 2018</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:48.82%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables</font></b></p>    </td>
<td width="13%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   liabilities</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:48.82%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Current and non-current assets (liabilities) - Gross   value</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">25,787</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">2,934</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:11.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(33,977)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.4pt 0in 5.4pt;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(527)</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:48.82%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Offsetting</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(1,723)</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(43)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:11.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,723</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">43</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:48.82%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Current and non-current   assets (liabilities) &#150; Booked value </font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:13.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">24,064</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:13.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">2,891</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:11.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(32,254)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;width:12.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(484)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries offset the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided that it is intended to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and liabilities offset correspond to transactions with other national and foreign operators, including interconnection and Roaming (being offsetting a standard practice in the telecommunications industry at the international level that Telecom and its subsidiaries apply regularly). Offsetting is also applied to transactions with agents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 19 &#150; COMMITMENTS</font></b><a name="NOTE19COMMITMENTS_093130"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has entered into various purchase orders amounting in the aggregate to approximately $48,217 as of September&nbsp;30, 2019 (of which $13,490 corresponds to PP&amp;E commitments), primarily related to the supply of switching equipment, external wiring, infrastructure agreements, inventory and other service agreements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 20 &#150; EQUITY</font></b><a name="NOTE20EQUITY_093132"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity includes:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.1in;width:95.32%;">
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity attributable to Controlling Company</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">281,806</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">310,766</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity attributable to non-controlling interest </font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,343</font></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,444</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   equity (*)&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">286,149</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">315,210</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Additional information is given in the consolidated statements of changes in equity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, the total capital stock of Telecom Argentina amounted to $2,157,472,731, represented by the same number of book-entry ordinary shares with nominal value of $1 Argentine peso, of which 2,153,688,011 are entitled to one vote per share, since 3,784,720 are treasury shares that were acquired by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Capital Reduction. Cancellation of Treasury Shares.</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">First Tranch as of June&nbsp;30, 2019</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Section&nbsp;67 of the Capital Markets Law No.&nbsp;26,831, between May&nbsp;28, 2019 and June&nbsp;28, 2019, Telecom Argentina reduced its capital stock by the operation of law for a nominal value of $3,672,960, through the cancellation of 3,672,960 Class&nbsp;&#147;B&#148; ordinary shares with nominal value of $1 Argentine peso each and entitled to 1 vote per share, held as treasury shares. After this reduction made by the operation of law, the capital stock of Telecom Argentina as of June&nbsp;30, 2019 was composed of a total of 2,165,236,424 </font><font face="Arial">book-entry </font><font face="Arial">ordinary shares with nominal value of $1 Argentine peso each and entitled to one vote per share, broken down as follows: Class&nbsp;&#147;A&#148; shares: 683,856,600; Class&nbsp;&#147;B&#148; shares: 639,502,300; Class&nbsp;&#147;C&#148; shares: 210,866; Class&nbsp;&#147;D&#148; shares: 841,666,658.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;1, 2019, the Company made a filing with the CNV in connection with the reduction of its capital stock for a nominal value of $ 3,672,960 for its subsequent registration with the Public Registry of Commerce within the General Board of Corporations. This reduction was registered in the General Board of Corporations on September&nbsp;19, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Second Tranch as of September&nbsp;30, 2019</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Section&nbsp;67 of the Capital Markets Law No.&nbsp;26,831, between July&nbsp;1st, 2019 and September&nbsp;30, 2019, Telecom Argentina reduced its capital stock by the operation of law for a nominal value of $7,763,693, through the cancellation of 7,763,693 Class&nbsp;&#147;B&#148; ordinary shares with nominal value of $1 Argentine peso each and entitled to 1 vote per share, held as treasury shares. After this reduction made by the operation of law, the capital stock of Telecom Argentina as of September&nbsp;30, 2019 was composed of a total of 2,157,472,731 ordinary shares, with nominal value of $1 Argentine peso each and entitled to one vote per share, broken down as follows: Class&nbsp;&#147;A&#148; shares: 683,856,600; Class&nbsp;&#147;B&#148; shares: 631,738,607; Class&nbsp;&#147;C&#148; shares: 210,866; Class&nbsp;&#147;D&#148; shares: 841,666,658.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;11, 2019, the Company made a filing with the CNV in connection with the second tranche reduction of its capital stock for a nominal value of $7,763,693 for its subsequent registration with Public Registry of Commerce within the General Board of Corporations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the capital reductions mentioned in the previous paragraphs, the Company recognized a decrease in its treasury shares of $11, a decrease in the Inflation Adjustment of $640 and a decrease in the Treasury Shares Acquisition Cost of $1,773 offset by a variation in Retained earnings of $1,122.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">26</font></b><a name="PB_26_110005_5594"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, the Company held 3,784,720 Class&nbsp;&#147;B&#148; ordinary shares as treasury shares, which reduction by the operation of law became effective between October&nbsp;1st, 2019 and November&nbsp;5, 2019, pursuant to Section&nbsp;67 of the Capital Markets Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Public Offering Authorization and Listing of Telecom Argentina&#146;s Shares issued as a result of the Merger by absorption between Telecom Argentina y Cablevisi&#243;n</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;RESFC-2019-20407-APN-DIR#CNV issued on September&nbsp;4, 2019, the Board of Directors of the CNV authorized the public offering of 1,184,528,406 book-entry ordinary shares of Telecom, with nominal value of $1 each and entitled to one vote per share, to be delivered to the shareholders of Cablevisi&#243;n as a result of the Merger by absorption between Telecom Argentina and Cablevisi&#243;n and upon the capital stock increase approved at the Telecom Argentina S.A. General Ordinary and Extraordinary Shareholders&#146; Meeting held on August&nbsp;31, 2017 and at the Board of Directors&#146; Meeting held on January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, on September&nbsp;10, 2019, the Buenos Aires Stock Exchange, in exercise of the powers delegated pursuant to Article&nbsp;32, subsection b) of Law No.&nbsp;26,831, authorized the listing of 1,184,528,406 book-entry ordinary shares with nominal value of $1 each and entitled to one vote per share, of which 342,861,748 are Class&nbsp;&#147;A&#148; shares and 841,666,658 are Class&nbsp;&#147;D&#148; shares of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Therefore, as of the date of these financial statements all the shares of Telecom Argentina are authorized by the CNV for public offering.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;B Shares are listed and traded on the leading companies panel of the BYMA and the American Depositary Shares (ADS) representing 5 Class&nbsp;&#147;B&#148; shares of the Company are traded on the NYSE under the symbol TEO.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 21 &#150; REVENUES</font></b><a name="NOTE21REVENUES_093136"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:24.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Three-month periods ended<br>   September&nbsp;30,</font></u></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:24.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Nine-month periods ended<br>   September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="13%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:13.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="1%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:1.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:12.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="12%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:12.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Mobile Services</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">18,806</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">19,657</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">54,829</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">61,857</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Internet Services </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">11,728</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,058</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">35,859</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">40,003</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Cable Television   Services </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,874</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">12,336</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33,390</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">38,283</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed and Data<font color="black" style="color:black;"> Services</font></font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8,422</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,827</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25,021</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">23,297</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other services revenues</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">164</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">434</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">542</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">864</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal Services   revenues&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">49,994</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">53,312</font></b></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">149,641</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">164,304</font></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Equipment revenues</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,112</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,132</font></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,058</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13,594</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:49.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   Revenues&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">53,106</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">57,444</font></b></p>    </td>
<td width="1%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">159,699</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">177,898</font></b></p>    </td>   </tr>
<tr height="0">
<td width="350" style="border:none;"></td>
<td width="82" style="border:none;"></td>
<td width="92" style="border:none;"></td>
<td width="12" style="border:none;"></td>
<td width="0" style="border:none;"></td>
<td width="86" style="border:none;"></td>
<td width="85" style="border:none;"></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;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 22 &#150; OPERATING EXPENSES</font></b><a name="NOTE22OPERATINGEXPENSES_093139"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating expenses disclosed by nature of expense amounted to $145,300 and $149,562 for the nine-month periods ended September&nbsp;30, 2019 and 2018, respectively. The main components of the operating expenses are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Three-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Nine-month periods ended<br>   September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="10%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Employee benefit expenses and severance payments</font></u></b></p>    </td>
<td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries, Social security expenses and benefits</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(8,835)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(9,238)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(26,836)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(28,246)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Severance indemnities </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,088)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,031)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,923)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,151)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other employee expenses</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(311)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(275)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(649)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(708)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(10,234)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(10,544)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(30,408)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(31,105)</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="10%" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Fees for services,   maintenance, materials and supplies</font></u></b></p>    </td>
<td width="11%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Maintenance and materials</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,526)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,042)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,995)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(9,043)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fees for services</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,501)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,934)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(7,190)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(8,097)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Directors and Supervisory Committee&#146;s fees</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(25)</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(32)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(38)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(106)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:52.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(6,052)</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(6,008)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:2.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(17,223)</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(17,246)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">27</font></b><a name="PB_27_110131_6435"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:20.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Three-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>
<td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:22.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Nine-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="9%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Taxes and fees with the   Regulatory Authority</font></u></b></p>    </td>
<td width="20%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:20.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:22.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Turnover tax</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,892)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,440)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,790)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(7,826)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Municipal taxes</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(493)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(611)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,656)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,933)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other taxes and fees</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,670)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,454)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,063)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4,560)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(4,055)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(4,505)</font></b></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(12,509)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(14,319)</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Cost of equipment and   handsets</font></u></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Inventory balance at the beginning of   the year</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,782)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4,499)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,952)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(261)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Plus:</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; Incorporation by merger</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,813)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;   Purchases</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,340)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,672)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(7,682)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(11,218)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; Other</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">197</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">142</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">492</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">166</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Less:</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Inventory balance at the end of the   period</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,647</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,964</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,647</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,964</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(2,278)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(3,065)</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(7,495)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(10,162)</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other operating income and   expenses</font></u></b></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.58%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.36%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Provisions</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(366)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(298)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(856)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(904)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Rentals   and internet capacity</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,214)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,276)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,415)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,439)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Other</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,139)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,645)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(3,543)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,254)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(2,719)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(3,219)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(7,814)</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(9,597)</font></b></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Depreciation, amortization and impairment of   PP&amp;E,&nbsp;Intangible assets and Rights of use assets</font></u></b></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.02%;">
<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="9%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Depreciation of PP&amp;E</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(10,757)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(10,111)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(30,949)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(27,704)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of intangible assets</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,135)</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,875)</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,653)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(5,566)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of rights of use assets</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(717)</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(25)</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,195)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(81)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Impairment of PP&amp;E</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">77</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(176)</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(23)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(456)</font></p>    </td>   </tr>
<tr>
<td width="51%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:51.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(13,532)</font></b></p>    </td>
<td width="9%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(12,187)</font></b></p>    </td>
<td width="5%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(38,820)</font></b></p>    </td>
<td width="11%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(33,807)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating expenses, disclosed per function are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="9" style="height:7.05pt;">
<td width="30%" height="9" valign="bottom" style="height:7.05pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Concept</font></b></p>    </td>
<td width="10%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating<br>   costs</font></b></p>    </td>
<td width="17%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Administration<br>   costs</font></b></p>    </td>
<td width="17%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Commercialization<br>   costs</font></b></p>    </td>
<td width="11%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total <br>   09.30.2019</font></b></p>    </td>
<td width="11%" height="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total <br>   09.30.2018</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Employee   benefit expenses and severance payments</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(16,921)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(4,780)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(8,707)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(30,408)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(31,105)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interconnection   and transmission costs</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(5,102)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(5,102)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(5,701)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fees   for services, maintenance, materials and supplies</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(8,642)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(3,586)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(4,995)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(17,223)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(17,246)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Taxes   and fees with the Regulatory Authority</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(12,424)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(33)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(52)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(12,509)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(14,319)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Commissions   and advertising</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(670)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(8,868)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(9,538)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(11,312)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of   equipment and handsets</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(7,495)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(7,495)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(10,162)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Programming and content costs</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(12,043)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(12,043)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(12,760)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">-</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(4,348)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(4,348)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(3,553)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other   operating income and expenses</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(4,826)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(968)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,020)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(7,814)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(9,597)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Depreciation,   amortization and impairment of PP&amp;E,&nbsp;Intangible assets and Rights of   use assets</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(31,325)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(2,388)</font></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">(5,107)</font></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(38,820)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(33,807)</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of 09.30.2019</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(98,778)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(12,425)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(34,097)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(145,300)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="30%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:30.94%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of 09.30.2018</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(101,133)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(11,535)</font></b></p>    </td>
<td width="17%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:17.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(36,894)</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">(149,562)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 23 &#150; FINANCIAL RESULTS, NET</font></b><a name="NOTE23FINANCIALRESULTSNET_093144"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Three-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Nine-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="10%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:10.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<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="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:20.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Interests on financial debts (*)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,702)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,707)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(6,640)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4,070)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Foreign currency exchange losses on   financial debts (**)</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(23,221)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(41,661)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(17,148)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(57,553)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total   debt financial expenses&nbsp; </font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(25,923)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(43,368)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(23,788)</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(61,623)</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interests </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">56</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">764</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,379</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,886</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Taxes and bank   expenses</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(493)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(647)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,468)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,789)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other   foreign currency exchange gains</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">7,044</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">9,839</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">8,340</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">903</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Financial discounts on assets, debts and   other</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">52</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">6</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">6</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Gains (losses) on operations with notes   and bonds </font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(24)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,078</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">172</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,583</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Bonds credit risk results</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,416)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(2,416)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Interests on provisions</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(461)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(294)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,156)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(761)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Financial expenses on pension benefits</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(29)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(24)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(95)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(78)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">RECPAM</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">2,428</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">3,200</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">4,763</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">8,375</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other </font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(23)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(6)</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(94)</font></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.36%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(22)</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total other financial results, net&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">6,134</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">13,916</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">9,428</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">10,103</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total financial results, net&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(19,789)</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(29,452)</font></b></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(14,360)</font></b></p>    </td>
<td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.44%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(51,520)</font></b></p>    </td>   </tr>
<tr height="0">
<td width="390" style="border:none;"></td>
<td width="82" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="17" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="1" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="2" style="border:none;"></td>   </tr> </table>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Includes 39 and (13) corresponding to net income (losses) generated by NDF in the nine-month periods ended September&nbsp;30, 2019 and 2018, respectively. Likewise, includes 230 and 191 corresponding</font><font size="1" color="#212121" face="Arial" style="color:#212121;font-size:7.0pt;"> to activation of interests in works in progress </font><font size="1" face="Arial" style="font-size:7.0pt;">in the nine-month periods ended September&nbsp;30, 2019 and 2018, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(**) Includes (762) and 2,605 corresponding to net (loss) income generated by NDF in the nine-month periods ended September&nbsp;30, 2019 and 2018, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">28</font></b><a name="PB_28_110633_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><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 style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 24 - BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION&nbsp;33 - LAW No.&nbsp;19,550 AND RELATED PARTIES</font></b><a name="NOTE24BALANCESANDTRANSACTIONSWIT_093211"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Controlling Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of September&nbsp;30, 2019, CVH is the controlling company of Telecom Argentina, holding directly and indirectly 28.11% of the total capital stock of the Company. Likewise, and as mentioned in point e) below, both VLG S.A.U. and Fintech Telecom, LLC, contributed to the Voting Trust, shares representing 10.90% of the total share capital of the Company so the shares subject to such agreement represent 21.80% of the total share capital of the Company (the &#147;Shares in Trust&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As follows from the Voting Trust Agreement, the trustee appointed by CVH must vote the Shares in Trust as instructed or voted by CVH with respect to all issues </font><font face="Arial">except in respect of certain matters subject to veto under the Shareholders&#180; Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Related Parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the purposes of these unaudited Consolidated Financial Statements, related parties are those individuals or legal entities which are related (in terms of IAS 24) to Fintech Telecom LLC and CVH, except companies under sect. 33 of the LGS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Balances with Companies under section 33 - Law No.&nbsp;19,550 and Related Parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under section 33 - Law No.&nbsp;19,550 &#150; Associates</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<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="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="13" style="height:9.7pt;">
<td width="48%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Other </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">receivables</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="20%" height="13" valign="top" style="height:9.7pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">La   Capital Cable S.A.</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">31</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">107</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Teledifusora   San Miguel Arc&#225;ngel S.A.</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">10</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver   T.V. S.A.</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">25</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">66</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">198</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Televisora Privada del Oeste   S.A.(1)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Related parties</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<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="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">September&nbsp;30,</font></u></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade receivables</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">125</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">127</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">125</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">127</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">722</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">779</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">722</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">779</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Other liabilities</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4</font></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.62%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 21.3pt;text-indent:-21.3pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Associate Company throughout PEM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Transactions with Companies under section 33 - Law No.&nbsp;19,550 and related parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under section 33 - Law No.&nbsp;19,550&#150; Associates</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;width:95.5%;">
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.82%;">
<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="47%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0.375pt 0in;width:26.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Nine-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:13.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:12.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<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="47%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:26.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<p style="margin:0in 0in .0001pt 14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:26.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Services revenues</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">34</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:12.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">31</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">34</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:12.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">31</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<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="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:26.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating costs</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Fees for services</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(26)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:12.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(25)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<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="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(26)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:12.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(25)</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<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="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:26.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Financial Results</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Loan interests received</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:12.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.82%;">
<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="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.86%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:12.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">29</font></b><a name="PB_29_115545_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Related Parties</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;width:95.34%;">
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0.375pt 0in;width:26.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Nine-month periods<br>   ended September&nbsp;30,</font></u></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2019</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:26.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt 14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:26.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></u></b></p>    </td>   </tr>
<tr>
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Services revenues</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">110</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">128</font></p>    </td>   </tr>
<tr>
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">110</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">128</font></b></p>    </td>   </tr>
<tr>
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:26.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating costs</font></u></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Programming costs</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(1,647)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,755)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Editing and   distribution of magazines</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(462)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(587)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advisory   services</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(198)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(270)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advertising purchases</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(251)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(350)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Other purchases and   commisions</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(73)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(115)</font></p>    </td>   </tr>
<tr>
<td width="25%" style="padding:0in 2.95pt 0in 2.95pt;width:25.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="47%" style="padding:0in 2.95pt 0in 2.95pt;width:47.46%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:13.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(2,631)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 2.95pt;width:12.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(3,077)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The transactions discussed above were made on terms no less favorable to Telecom than would have been obtained from unaffiliated third parties. When Telecom Argentina&#146;s transactions represented more than 1% of its total shareholders&#146; equity, they were approved according to Law No.&nbsp;26,831, the Bylaws and the Executive Committees&#146; Faculties and Performance Regulation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Voting trust pursuant to the Shareholders&#146; Agreement between Fintech and CVH</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the Shareholders&#180; Agreement, on April&nbsp;15, 2019, a Voting Trust Agreement (the &#147;Trust Agreement&#148;) was regularized, under which Fintech Telecom LLC and VLG S.A.U. (i)&nbsp;each contributed 235,177,350 shares of Telecom in a voting trust (the &#147;Voting Trust&#148;) which, when added to the shares that CVH holds (directly and indirectly) in Telecom, exceed fifty percent (50%) of the outstanding shares, and (ii)&nbsp;CVH and Fintech Telecom LLC each appointed a co-trustee. The shares contributed to the Voting Trust will be voted by the co-trustee of CVH in accordance with the vote of CVH or following the instructions of CVH, except in respect of certain matters subject to veto under the Shareholders&#180; Agreement, in which case will be voted by the co-trustee of Fintech Telecom LLC in accordance with the vote of Fintech Telecom LLC or following the instructions of Fintech Telecom LLC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">f)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Public Tender Offer (&#147;PTO&#148;) due to Change of Control by CVH</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;10, 2019, and in connection with the PTO, (see Note 27 a) to the Consolidated Financial Statements as of December&nbsp;31, 2018, CVH notified the Company that on that date CVH had been served with the decision rendered on May&nbsp;9, 2019 in re &#147;Burgue&#241;o Daniel v. EN-CNV on Preliminary Injunction (Autonomous)&#148; (File 89,537/2018) pending in Federal Court on Administrative Matters No.&nbsp;1, Chamber No.&nbsp;1, whereby that Court decided, as a preliminary injunction, to suspend the proceeding related to the Public Tender Offer of Class&nbsp;B Shares of Telecom Argentina initiated by CVH with the CNV, until such Commission decides, where appropriate, on the enforcement of the new regulation (Resolution No.&nbsp;779/18) or until the maximum term provided under Article&nbsp;5 of Law No.&nbsp;26,854 expires.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, on July&nbsp;19, 2019, CVH notified the Company that on that date it had been served with the decision rendered by Chamber 1 of the Court of Appeals on Federal Civil and Commercial Matters of this City in re &#147;Cablevisi&#243;n Holding S.A v. <i>Comisi&#243;n Nacional de Valores</i> on Injunctions&#148; (File No.&nbsp;7,998/2018), pending in the National Court of First Instance on Civil and Commercial Matters No.&nbsp;3, whereby that Court revoked the injunction requested by CVH that had ordered the CNV to refrain from resolving and deciding on the authorization of the PTO submitted and formulated by CVH. Additionally, in such notice, CVH stated that: (a)&nbsp;in its decision, the above-mentioned Chamber ordered that any appeal that may be eventually filed by CVH against any decision rendered by the CNV in connection with the PTO shall have staying effects; (b)&nbsp;the main action remains pending before the Court of First Instance, and (c)&nbsp;the PTO submitted by CVH falls within the scope of the injunction ordered in re &#147;Burgue&#241;o Daniel v. EN - CNV on Preliminary Injunction (Autonomous)&#148; mentioned in the previous paragraph, which, to date, is fully enforceable and in effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, on November&nbsp;1, 2019, the Company received a note from CVH informing that, on that date, it had been notified of the resolution of Chamber V of the Federal Administrative Contentious Appeals Court issued on October&nbsp;25, 2019. The mentioned resolution rejects the appeal filed by CNV, confirm the jurisdiction to treat the precautionary measure initiated and the resolution issued by the Federal Administrative Contentious Court No.&nbsp;1, Secretariat No.&nbsp;1, which provided, as a precautionary measure, the suspension of the procedure related to the Telecom Class&nbsp;&#147;B&#148; Shares&#146; OPA, initiated by CVH in CNV, until CNV decides on the application of the new regulation (Resolution No.&nbsp;779/18) or until the maximum period established in Article&nbsp;5 of Law No.&nbsp;26,854 is met.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 25 &#150; RESTRICTIONS ON DISTRIBUTION OF PROFITS</font></b><a name="NOTE25RESTRICTIONSONDISTRIBUTION_093217"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the LGS, the by-laws of the Company and rules&nbsp;and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses must be appropriated to a legal reserve until such reserve reaches 20% of the outstanding capital (ordinary stock plus inflation adjustment of ordinary stock).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">30</font></b><a name="PB_30_115545_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 26 &#150; RECENT DEVELOPMENTS CORRESPONDING TO THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2019</font></b><a name="NOTE26RECENTDEVELOPMENTSCORRESPO_093239"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Resolution No.&nbsp;50/10 and subsequent ones of the Secretariat of Domestic Trade of the Nation (&#147;SCI&#148;)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">SCI Resolution No.&nbsp;50/10 approved certain rules&nbsp;to commercialize pay television services. These rules&nbsp;provide that cable television operators must apply a formula to calculate their monthly subscription prices. The price arising from the application of the formula was to be informed to the Office of Business Loyalty (Direcci&#243;n de Lealtad Comercial) between March&nbsp;8 and March&nbsp;22, 2010, having cable television operators to adjust such amount semi-annually and informing the result of such adjustment to such Office.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Notwithstanding the foregoing, it should be noted that as of the date of these Interim Financial Statements, according to the decision issued on August&nbsp;1, 2011 in judicial cause &#147;LA CAPITAL CABLE S.A. V. Ministerio de Econom&#237;a-Secretar&#237;a de Comercio Interior de la Naci&#243;n&#148;, the Federal Court of Appeals of the City of Mar del Plata has ordered the SCI to suspend the application of Resolution No.&nbsp;50/10 with respect to all cable television licensees represented by the Argentine Cable Television Association (&#147;ATVC&#148;). The precautionary measure ordered by the Court of Mar del Plata, upon being notified the SCI and the Ministry of Economy of such decision on September&nbsp;12, 2011, became fully effective and may not be disregarded by the SCI. The National Government filed an appeal against the decision issued by the Court of Mar del Plata to have the case brought before the Supreme Court. Such appeal was dismissed, for which the National Government filed a direct appeal to the Supreme Court, which has also been dismissed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Between March&nbsp;2011 and October&nbsp;2014 were published in the Official Gazette successive resolutions based on Resolution 50/10 that regulated the prices that Cablevision should charge in those months to users. These resolutions were challenged and suspended due to the aforementioned injunction. Notwithstanding the foregoing, each Resolution had a valid period of three to six months, with the last one expiring in October&nbsp;2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;23, 2014, the Court issued a decision in judicial cause &#147;Municipalidad de Berazategui V. Cablevisi&#243;n&#148; ordering the remission of the cases relating to these resolutions to the jurisdiction of the Court of Mar del Plata, that had issued the decision on the collective action in favor of ATVC. Currently, all judicial causes related to this issue are processed in the Federal Justice of Mar del Plata.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In April&nbsp;2019, La Capital Cable S.A. was notified of the resolution issued by the Court of Mar del Plata in which declared the unconstitutionality of certain articles of a law on which the SCI was based for the issuance of Resolution No.&nbsp;50/10 and the successive resolutions. The declaration of unconstitutionality means that these resolutions are not applicable to La Capital Cable and the companies grouped by ATVC. However, the National Government filed an appeal against the decision issued by the Court of Mar del Plata.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Decisions to be made based on these Interim Financial Statements shall consider the potential impact that the abovementioned resolutions might have on the Company and its subsidiaries, and the Company&#146;s Interim Financial Statements should be read in light of such circumstances.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management, with the assistance of its legal advisors, considers that it has strong arguments for its defense.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Claim &#147;Uni&#243;n de Usuarios y Consumidores y otro c/Telecom Argentina S.A.&#148;</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;3, 2019, Telecom (as surviving company of Cablevisi&#243;n) was notified with a class action brought by <i>&#147;Uni&#243;n de Consumidores y Consumidores&#148;</i> and <i>&#147;Consumidores Libres Cooperativa Ltda. De Provisi&#243;n de Servicios de Acci&#243;n Comunitaria&#148;</i>, pending before the Commercial Court of First Instance No.&nbsp;9, Secretariat No.&nbsp;17, for unspecified amounts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the class action, the claimants requested the Company to credit to its subscribers the increases made in September&nbsp;and October&nbsp;2018 and in January&nbsp;2019 and the increases that may be made for as long as the claim remains pending for Internet services, subscription broadcasting services and other information technology and communication services and other supplementary services (all of those services provided under the brands Cablevisi&#243;n and Fibertel), plus interest accrued until the date of the effective credit. The claimants allege that the Company infringed certain provisions set forth under the General Rules&nbsp;Governing TIC and Communication Services Customers Regulation and Law No.&nbsp;24,240 related to the terms and the way in which subscribers shall be notified of changes in the prices of those services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, based on the advice of its legal counsel, considers that it has strong arguments for its defense. However, the final outcome of this claim cannot be assured.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Claims of some Content Providers to the Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the framework of the general reorganization of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of them were notified that such agreements will not be renewed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under those notifications, some companies requested and obtained precautionary measures. Currently, only one of them is still pending of resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;24, 2017, the ENACOM notified Personal the Resolution 2017-1122-APN-ENACOM # MCO (Resolution No.&nbsp;1,122), which set out that Mobile Operators Providers of Audiotext and Mass Calling Value Added Services may receive, in every respect, a percentage that should not exceed 40% of the services invoiced on behalf and to the order of those providers. In addition, the Resolution sets forth a 30-day period to file under the ENACOM the interconnection contracts or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;3, 2019, ENACOM provided through Resolution No.&nbsp;2019-2540-APN-ENACOM # JGM to terminate Resolution No.&nbsp;1.122 / 2017 of the Register of the NATIONAL COMMUNICATIONS ENTITY and Resolution No.&nbsp;184-SC / 1997.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Code of Corporate Governance</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CNV Resolution No.&nbsp;797/19 (the &#147;Resolution&#148;), published in the Official Gazette on June&nbsp;19, 2019, amended Title IV &#150; &#147;R&#233;gimen Informativo Peri&#243;dico&#148; - of CNV General Resolution No.&nbsp;622/2013. The Resolution replaces the previous Code of Corporate Governance added as Exhibit&nbsp;III of such Title IV of the Regulation and adds as Exhibit&nbsp;IV the Model of such Code. Additionally, it sets forth that, on an annual basis and as from the approval of the financial statements as of December&nbsp;31, 2019, entities in the public offering regime shall include in their annual reports a Report on the Code of Corporate Governance in which they shall report whether they apply the principles and practices recommended by such Code in its current version and in which way they comply with its requirements. In those cases in which they do not apply any recommended practice, such entities shall explain how they comply with the relevant principle through the application of another practice, or how they will apply such practice in the future or, otherwise, they shall state the reasons why they do not consider such practice appropriate or applicable for the relevant entity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">e)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Purchase of a share of PEM.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;27, 2019, the Company acquired a registered non-endorsable ordinary share, with nominal value of $1 Argentine peso and entitled to one vote per share, representing 0.00000738% of the capital stock and votes of PEM for a total amount of $ 10,000 Argentine pesos. Upon this acquisition, Telecom has 100% of the capital stock of PEM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">f)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Stock Purchase Agreement with Tuves</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;10, 2019, N&#250;cleo executed a stock purchase agreement with TU VES, a company incorporated under the laws of the Republic of Chile, owner of 30% of Tuves Paraguay. This purchase agreement, subject to the authorization of the CONATEL, provided for the purchase of 211,848 Series&nbsp;B registered ordinary shares, all of them entitled to one vote per share, representing the percentage indicated above for US$1 million ($54).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On August&nbsp;14, 2019, the CONATEL approved the transaction and on September&nbsp;4, 2019, N&#250;cleo effectively acquired 211,848 Series&nbsp;B ordinary shares (representative of 30% of Tuves Paraguay capital stock and votes).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This operation represents a transaction between the controlling and non-controlling shareholders in the consolidated financial statements. For this reason, the non-controlling interest of $85 as of September&nbsp;30, 2019 and the difference between the purchase price of $31 was recorded in &#147;Other deferred&#148; within Net Equity attributable to controlling shareholders as of such date, in accordance with IFRS 10.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to guarantee the plurality of partners required by the Paraguayan legislation, Telecom and ABC Telecomunicaciones S.A., acquired two shares and one share of Tuves Paraguay from N&#250;cleo, respectively, for a proportional price per share of such paid by N&#250;cleo to TU VES, which amounted to US$4.72 per share.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">g)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Regulatory Framework</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SC Resolution No.&nbsp;38/14</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;31, 2014, the Public Auction process approved by SC Resolution No.&nbsp;38/14 for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the SRMC, as well as those of the new spectrum for the SCMA was carried out. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8 by Resolution SC N&#176; 79/14 (SCMA) and Resolutions SC N &#176;80/14, 81/14, 82/14 and 83/14 (PCS and SRMC).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through SC Resolution No.&nbsp;25/15, issued on June&nbsp;11, 2015, Personal was assigned the rest of Frequency</font><font face="Arial"> Bands which composed Lot No.&nbsp;8. </font><font face="Arial">Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Auction Terms and Conditions also established demanding coverage and network deployment obligations, demanding significant investments by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority could extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority). Subsequently, in Decree No.&nbsp;1,340/16, it was established that the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in such bands in the area of Area II (AMBA). On August&nbsp;30, 2018, the Resolution No.&nbsp;528/18 was issued, in which it was stated that on February&nbsp;27, 2018, the effective migration of such services has been verified.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Secretary of Modernization Resolution No.&nbsp;865/2019 published in the Official Gazette on June&nbsp;5, 2019, it was provided that the SCM (Mobile Communications Services) providers awarded of such Auction must enter into automatic national roaming agreements or other alternative technical infrastructure sharing solutions for the provision of its services in roads and locations between 500 and 10,000 inhabitants, during the period established for the fulfillment of its obligations of network deployment and coverage, and up to the end of the Auction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">General Rules&nbsp;Governing Interconnection and Access</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;4,266/2019 issued on October&nbsp;8, 2019, the ENACOM decided, on a provisional and exceptional basis, that the reference exchange rate applicable to the interconnection charges in effect established under ENACOM Resolutions Nos. 4,952/2018, 1,160/2018 and 1,161/2018, for calls made as from August&nbsp;1, 2019, will be of $45.25 for each US dollar. In subsequent months, the exchange rate to be applied may not exceed 6% of the exchange rate established for the previous month and in no case it may exceed the selling exchange rate established by Banco de la Naci&#243;n Argentina prevailing on the last business day of the month in which the services are rendered. This Resolution shall be applicable to services provided until December&nbsp;31, 2019 inclusive.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Implementation of the Rules&nbsp;for the Registration of Mobile Communications Service Customers</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;2, 2016, the ENACOM published Resolution No.&nbsp;8,507 - E/2016, whereby it approved the Rules&nbsp;for the Registration and Validation of the Identity of the Account Holder Users of Mobile Communication Services</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;466/2018, published in the Official Gazette on October&nbsp;19, 2018, the term for the registration and validation of all the preexisting prepaid customers was extended until October&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;31, 2019, the ENACOM issued Resolution No.&nbsp;2,249/2019, which established that as of June&nbsp;1, 2019 the Providers of Mobile Telecommunications Services are required to cancel the mobile lines that were not registered as of the date of publication of the mentioned resolution, except in those cases in which customers have the possibility to request the providers&#146; Customer Service Center the registration of the holder of the mobile line and emergency services pursuant to the provisions of Resolution No.&nbsp;8,507 issued by the ENACOM on December&nbsp;1st, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has conducted all the necessary actions and implementations required to fulfill the guidelines for the registration of its customers, as provided by the mentioned regulation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&#147;ENACOM Resolutions No.&nbsp;840/18, No.&nbsp;1,196/18 and No.&nbsp;4,353/18 &#150; New Regime for Radioelectric Spectrum Fees&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2018, Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="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 style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the provisions of Resolution No.&nbsp;4,353/18, published in the Official Gazette on May&nbsp;24, 2018, the new Regime for Radio-electric Rights and Tariffs will not have an impact until August&nbsp;31, 2018. This Resolution suspends the effects of Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18, from its publication until August&nbsp;31, 2018. During this period, the Radioelectric Rights corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA) that are accrued, will be paid in accordance with the regime prior to the one established by Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18. The affidavits corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA), which expire in the months of April&nbsp;and May&nbsp;2018, that had not been prepared in accordance with the provisions of Resolution ENACOM No.&nbsp;840/2018, must be submitted rectified and pay the resulting differences on October&nbsp;10, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom submitted the rectifying affidavits corresponding to the months of March&nbsp;and April&nbsp;2018 (due in April&nbsp;and May), and has paid (under protest) the respective amounts. Telecom started to comply with, as from September&nbsp;2018, the filing and payment (under protest) of the corresponding affidavits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution ENACOM No.&nbsp;4,266/2019 issued on October&nbsp;8, 2019, the basis for calculating the Radioelectric Spectrum Fees corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA) was modified based on the Affidavits whose expiration operates after the date of publication of the Resolution. This modification represents a reduction in the applicable rate for payment of DER for these services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">h)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Offer for an Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;25, 2019, Telecom and the non-controlling shareholders of AVC Continente Audiovisual (the &#147;Assignors&#148;) executed an Offer for an Irrevocable Call and Put Option on all the shares of AVC Continente Audiovisual held by the Assignors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Assignors are the holders of 497,479 ordinary shares with nominal value of $1 each, representing 40% of the capital stock. The call option, which may be exercised since October&nbsp;1st, 2019 until September&nbsp;30, 2024, conveys to Telecom the right, but not the obligation, to purchase the shares from the Assignors. On the other hand, the put option conveys to the Assignors the right, but not the obligation, to sell the shares to Telecom. The call and put options include, together with the shares, the assignment and transfer of all the equity and political rights inherent to them.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In case that the option is exercised, Telecom shall pay to the Assignors US$720,000 and the equivalent amount in Argentine Pesos of 45,536 CATV average monthly fees within the terms and provisions set forth in the agreement (approximately $102 as of the date of these financial statements). As of the date of these financial statements, Telecom paid US$720,000.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This transaction has an impact on the Company&#146;s consolidated financial statements. Accordingly, a call option liability of $102 has been recognized with an offsetting entry in &#147;Other Deferred&#148; under Equity attributable to controlling shareholders as of September&nbsp;30, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">i)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Interest in joint operations</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The UTE Ertach &#150; Cablevisi&#243;n is engaged in the provision of data transmission services and the order channels required to integrate the public administration agencies of the Province of Buenos Aires and its municipalities in a single data communication provincial network. The UTE was created in April&nbsp;2005 and currently has an agreement with the Ministry of the Chief of the Cabinet of Ministers of the Province of Buenos Aires, which was approved under Decree No.&nbsp;2017-166-E-GDEBA-GPBA.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;26, 2019, the UTE was notified by the Ministry of the Chief of the Cabinet of Ministers of the Province of Buenos Aires of the decision to extend the agreement for a period of six months since May&nbsp;1st, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of these consolidated financial statements, the contractual term and its respective extensions have been met. The Telecommunications Provincial Direction initiated the &#147;Services Conclusion Phase&#148; in accordance with the above-mentioned agreement and there are still remaining services provided by the UTE contemplated in such agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">According to this, and considering that in the above-mentioned agreement was established the possibility of continuing providing services after the expiration of the indicated terms, the UTE is obliged to continue with the provision of services, beyond the new terms that could be established by the Province of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 27 &#150; SUBSEQUENT EVENTS TO SEPTEMBER 30, 2019</font></b><a name="NOTE27SUBSEQUENTEVENTSTOSEPTEMBE_093249"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a) Total Reversal of the Facultative Reserve for Future Dividend Payments and Partial Reversal of the Facultative Reserve to Maintain the Capital Investments Level and the Current Level of Solvency. Distribution of Cash Dividends</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina General Ordinary Shareholders&#146; Meeting held on October&nbsp;10, 2019 decided to distribute dividends for US$300 million, payable in cash in unrestricted US dollars. To such effect, the shareholders approved the total reversal of the &#147;Facultative reserve for future dividends&#148;, which in constant currency as of August&nbsp;31, 2019 amounted to $15,431 and the partial reversal of the &#147;Facultative reserve to maintain the capital investments level and the current level of solvency&#148; for $1,955 (both reversals account for $17,387). Therefore, under the reference exchange rate set by the Central Bank of Argentina- Communication &#147;A&#148; 3,500 dated October&nbsp;9, 2019 ($57.9), those amounts to US$300 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the resolutions of such Shareholders&#146; Meeting, the dividends were made available to shareholders on October&nbsp;18, 2019. The amount paid for each outstanding share with nominal value of $1 was US$0.139295942 (or $8.073244551 for shareholders that decided to collect the amount in pesos).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b) Modification of the Telecom Argentina&#146;s Bylaws</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Extraordinary General Meeting and the Special Meetings of the Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares held on October&nbsp;10, 2019 approved the modification of sections 4, 5 and 6 of the Bylaws, so that the shares Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148;, currently book-entry, may be represented in a cardboard or scriptural form, as determined by a special meeting of Class&nbsp;&#147;A&#148; or Class&nbsp;&#147;D&#148; shares. The delegation of powers to the Board of Directors was approved to determine the time, terms and condition of issuance of the securities representing the cartular shares, in the event that this was resolved in the future by the respective Special Meetings of Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c) Conversion of Class&nbsp;&#147;C&#148; shares into Class&nbsp;&#147;B&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the Ordinary and Extraordinary General Meeting and the Special Meeting of Class&nbsp;&#147;C&#148; Shares held on December&nbsp;15, 2011, and in compliance with the courts provisions, on October&nbsp;15, 2019, 97,688 Class&nbsp;&#147;C&#148; shares were converted into the same number of Class&nbsp;&#147;B&#148; shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d) Merger of Telecom, Ultima Milla, CV Berazategui and the Divided Equity of PEM</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;10, 2019, Teelcom&#146;s Board of Directors approved the pre-merger commitment between the Company, Ultima Milla, CV Berazategui and PEM, under which Telecom Argentina, as the absorbing company, absorbs by merger Ultima Milla, CV Berazategui (the &#147;Absorbed Companies&#148;) and the Divided Equity of PEM (the &#147;Corporate Reorganization&#148;), generating the corresponding operational, accounting and tax effects. The purpose of the Corporate Reorganization is to unify the operations of Telecom Argentina, Ultima Milla, CV Berazategui and the Excised Equity of PEM, thus increasing efficiency, synergy, cost rationalization and optimizing, through the Corporate Reorganization, the use of the technical, administrative and financial structures of the companies. The Date of the Corporate Reorganization is October&nbsp;1</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">st</font><font face="Arial">, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the Corporate Reorganization, the Absorbed Companies are dissolved without liquidation, and PEM excises part of its assets and its share capital is reduced proportionally to October&nbsp;1st, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Such Corporate Reorganization is carried out in accordance with the provisions of sections 82 and 83 of the LGS, within the framework provided in sections 77 and following of Law No.&nbsp;20,628 of the Income Tax, with its amending and complementary rules, the Rules&nbsp;of the CNV, the Listed Regulation and other provisions of the BCBA, the rules&nbsp;of the General Board of Corporations and other applicable legal and regulatory rules. The Corporate Reorganization was approved by the General Extraordinary Shareholders&#146; Meetings and the Telecom Argentina Special Meetings of Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; shares and the corresponding Ultima Milla, CV Berazategui and PEM Shareholders&#146; Meetings held on October&nbsp;24, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of the Corporate Reorganization, as of October&nbsp;1st, 2019, Telecom Argentina assumed all the activities, credits, assets and all the rights and obligations of Ultima Milla, CV Berazategui and the Excised Equity of PEM, as well as those that may exist or occur due to actions or activities before or after such date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e) Loan by purchase of equipment</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;25, 2019, the Company received a second disbursement from Finnvera for a total amount of US$11.1 million (US$ 6.4 million were received, because US$4.7 million corresponding to the total premium amount committed for tranche &#147;B&#148; were deducted). This loan accrues an interests rate equivalent to LIBO plus 1.04 percentage points payable in 14 consecutive semiannual installments from May&nbsp;2020 with maturity date in November&nbsp;2026.</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>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">g) Loan pre-cancellation of N&#250;cleo</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;23, 2019, within its permanent policy of optimization of term, rate, and structure of its financial liabilities, N&#250;cleo paid in advance a loan with Banco Bilbao Vizcaya Argentaria Paraguay S.A. (BBVA) for a total amount of 20,000 million of Guaran&#237;es (equivalent to approximately $182).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Alejandro Urricelqui </font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">President</font></u></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CORPORATE INFORMATION</font></b><a name="CORPORATEINFORMATION_125006"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">INDEPENDENT AUDITORS</font></u></b><font face="Arial"> Price Waterhouse&nbsp;&amp; Co S.R.L. (member of PricewaterhouseCoopers)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">STOCK MARKET INFORMATION</font></u></b><font face="Arial"> (Source: Bloomberg)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="border:solid windowtext 1.0pt;font-size:10.0pt;font-weight:bold;padding:0in;">BYMA</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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<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="42%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:42.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Market quotation ($/share)</font></b></p>    </td>
<td width="31%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume of shares</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Quarter</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:20.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">High</font></b></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Low</font></b></p>    </td>
<td width="31%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:31.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">traded (in millions)</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3Q18</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">147.00</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">97.7</font></p>    </td>
<td width="31%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.8</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4Q18</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">140.00</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">107.9</font></p>    </td>
<td width="31%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.6</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1Q19</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">127.50</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">110.5</font></p>    </td>
<td width="31%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3.0</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2Q19</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">153.50</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">118.55</font></p>    </td>
<td width="31%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5.3</font></p>    </td>   </tr>
<tr height="10" style="height:7.65pt;">
<td width="25%" height="10" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:7.65pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3Q19</font></b></p>    </td>
<td width="20%" height="10" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:7.65pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">153.25</font></p>    </td>
<td width="22%" height="10" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:7.65pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">107.05</font></p>    </td>
<td width="31%" height="10" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:7.65pt;padding:0in 0in 1pt 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4.4</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 17.1pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="border:solid windowtext 1.0pt;font-size:10.0pt;font-weight:bold;padding:0in;">NYSE*</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="75%" style="border:none;border-collapse:collapse;margin-left:.25in;width:75.98%;">
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="42%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:42.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Market quotation (US$/ADS)</font></b></p>    </td>
<td width="31%" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Volume of ADSs</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Quarter</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:20.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">High</font></b></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:22.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Low</font></b></p>    </td>
<td width="31%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0.375pt 0in;width:31.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">traded (in millions)</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3Q18</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20.21</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15.91</font></p>    </td>
<td width="31%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20.1</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">4Q18</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18.95</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14.20</font></p>    </td>
<td width="31%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">11.9</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">1Q19</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">16.62</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14.41</font></p>    </td>
<td width="31%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14.9</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2Q19</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17.95</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">13.13</font></p>    </td>
<td width="31%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">35.7</font></p>    </td>   </tr>
<tr height="10" style="height:7.65pt;">
<td width="25%" height="10" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:7.65pt;padding:0in 0in 0in 0in;width:25.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3Q19</font></b></p>    </td>
<td width="20%" height="10" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:7.65pt;padding:0in 0in 0in 0in;width:20.88%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">18.03</font></p>    </td>
<td width="22%" height="10" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:7.65pt;padding:0in 0in 0in 0in;width:22.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">8.94</font></p>    </td>
<td width="31%" height="10" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:7.65pt;padding:0in 0in 1pt 0in;width:31.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20.5</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 .2in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">* Calculated at 1 ADS = 5 shares</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">INVESTOR RELATIONS</font></u></b><font face="Arial"> for information about Telecom Argentina S.A., please contact:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="45%" style="border:none;border-collapse:collapse;margin-left:17.75pt;">
<tr>
<td width="100%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">In Argentina</font></b></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina S.A.</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Investor Relations Division</font></p>    </td>   </tr>
<tr>
<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Alicia Moreau de Justo 50, 10</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">th</font><font face="Arial">&nbsp;Floor</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(1107) Autonomous City of Buenos Aires</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Tel: 54-11-4968-3628</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 19.95pt;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 .05in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Outside   Argentina</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">JPMorgan Chase Bank N.A.</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">383 Madison Avenue, Floor 11</font><font face="Arial">.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">New York, NY10179</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Attn: Depositary Receipts Group</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Tel: +1 212 622 5935</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 19.95pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">INTERNET</font></u></b><font face="Arial"> http://institucional.telecom.com.ar/inversores/</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">DEPOSIT AND TRANSFER AGENT FOR ADSs</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">JPMorgan Chase Bank N.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">383 Madison Avenue, Floor 11</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">New York, NY10179</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Attn: Depositary Receipts Group</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;text-align:justify;"><u><font size="2" face="Arial" style="font-size:10.0pt;">adr@jpmorgan.com</font></u><font face="Arial"> &#150; <u>www.adr.com</u></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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">37</font></b><a name="PB_37_121736_6759"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><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>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November&nbsp;15,   2019</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;/s/ Gabriel P. Blasi</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Name:</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.66%;">
<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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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