<SEC-DOCUMENT>0001157523-18-002408.txt : 20181113
<SEC-HEADER>0001157523-18-002408.hdr.sgml : 20181113
<ACCEPTANCE-DATETIME>20181113060142
ACCESSION NUMBER:		0001157523-18-002408
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20181112
FILED AS OF DATE:		20181113
DATE AS OF CHANGE:		20181113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL PUERTO S.A.
		CENTRAL INDEX KEY:			0001717161
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38376
		FILM NUMBER:		181174603

	BUSINESS ADDRESS:	
		STREET 1:		AV. T&#1086;MAS ALVA EDISON 2701
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1104BAB
		BUSINESS PHONE:		541143175000

	MAIL ADDRESS:	
		STREET 1:		AV. T&#1086;MAS ALVA EDISON 2701
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1104BAB
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a51898738.htm
<DESCRIPTION>CENTRAL PUERTO S.A. 6-K
<TEXT>
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      <font style="font-size: 14pt"><b>UNITED STATES</b></font><br><font style="font-size: 14pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 14pt"><b>Washington,
      D.C. 20549</b></font>
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      <font style="font-size: 18pt"><b>FORM 6-K</b></font>
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      Report of Foreign Private Issuer<br>Pursuant to Rule 13a-16 or 15d-16<br>under
      the Securities Exchange Act of 1934<br><b>For the month of <font style="font-size: 10pt; font-family: Times New Roman">November,
      2018</font></b>
    </p>
    <p style="text-align: center">
      <b>Commission File Number: 001-38376</b><br><br>
    </p>
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      <font style="font-size: 24pt"><b>Central Puerto S.A. </b></font><br><b>(Exact
      name of registrant as specified in its charter) </b>
    </p>
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      <b>Port Central S.A. </b><br><b>(Translation of registrant&#8217;s name into
      English)</b><br><br>
    </p>
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      <br>
      <b>Avenida Thomas Edison 2701 </b><br><b>C1104BAB Buenos Aires </b><br><b>Republic
      of Argentina </b><br><b>+54 (11) 4317-5000</b>
    </p>
    <p style="text-align: center">
      (Address of principal executive offices)
    </p>
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    <p>
      Indicate by check mark whether the registrant files or will file annual
      reports under cover Form 20-F or Form 40-F.&#160;
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            Form 20-F
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            Form 40-F
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      Indicate by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(1):
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            Yes
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      Indicate by check mark if the registrant is submitting the Form 6-K in
      paper as permitted by Regulation S-T Rule 101(b)(7):
    </p>
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            No
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    <p style="text-align: left">

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    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Central
      Puerto: 147 MW of New Renewable Capacity, 162% Increase in Gross Profits
      and 12% Increase in Energy Generation</b></font>
    </p>
    <p>
      BUENOS AIRES, Argentina--(BUSINESS WIRE)--November 12, 2018--Central
      Puerto S.A (&#8220;Central Puerto&#8221; or the &#8220;Company&#8221;) (NYSE:CEPU), the largest
      private sector power generation company in Argentina, as measured by
      generated power,&#160;reports its consolidated financial results for the
      three-month and nine-month periods ended September 30, 2018 (&#8220;Third
      Quarter&#8221; or &#8220;3Q2018&#8221;, and &#8220;Nine-month 2018&#8221; or &#8220;9M2018&#8221;, respectively).
    </p>
    <p>
      A conference call to discuss 3Q2018 financial results will be held on
      November 13, 2018 at 12:00 p.m. Eastern Time (see details below). All
      information provided is presented on a consolidated basis, unless
      otherwise stated.
    </p>
    <p>
      All figures are expressed in Argentinean Pesos and growth comparisons
      refer to the same period of the prior year, unless otherwise stated.
      Definitions and terms used herein are provided in the Glossary at the
      end of this document. This release does not contain all the Company&#8217;s
      financial information. As a result, investors should read this release
      in conjunction with Central Puerto&#8217;s consolidated financial statements
      as of and for the nine-month period ended September 30, 2018 and the
      notes thereto, which will be available on the Company&#8217;s website.
    </p>
    <p>
      <b>A. Third Quarter 2018 Highlights</b>
    </p>
    <p>
      <b>Energy generation increased 12%</b> to 4,422 GWh, as compared to
      3,937 GWh during the same period of 2017 (see section C. Main Operating
      Metrics).
    </p>
    <p>
      <b>Construction of Terminal 6 (330 MW) and Luj&#225;n de Cuyo (93 MW)</b>.
      During the 3Q2018, Central Puerto continued with the civil works and
      purchase of equipment for the construction of the new cogeneration
      projects.
    </p>
    <p>
      <b>Operating income (before other operating results) increased 178%</b>
      to Ps. 2,054 million after a <b>128% increase in Revenues</b>, and an 8
      p.p. increase in <b>Gross Profit Margins to 66%</b>, compared to 58% in
      the 3Q2017 (see section D. Financials).
    </p>
    <p>
      <b>Adjusted EBITDA increased to Ps. 8,808 million in 3Q2018</b>,
      compared to Ps. 974 million in 3Q2017, mainly due to a Ps. 6,529 million
      gain in the 3Q2018 as a result of foreign exchange differences and
      interest accrued on the trade receivables denominated in US dollars (see
      section D. Financial).
    </p>
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    <p style="text-align: center">
      <i>&#8220;We had an excellent third quarter. On the operational side, our
      energy generation increased 12%, as compared to 3% of the total electric
      energy generation market.</i>
    </p>
    <p style="text-align: center">
      <i>Regarding our renewable projects, our wind farms La Castellana I and
      Achiras I commenced its operations, adding 147 MW of new capacity to our
      portfolio, which at the end of the quarter represented 12% of the total
      renewable installed capacity of Argentina.&quot;</i>
    </p>
    <p style="text-align: right">
      <b>Jorge Rauber, CEO Central Puerto</b>
    </p>
    <p>
      <b>Renewable Energy</b>
    </p>
    <p>
      <b>Commercial operation of wind farms La Castellana I and Achiras I: </b>La
      Castellana I and Achiras I wind farms, with an aggregate installed
      capacity of 147 MW, started its operations in August and September 2018,
      respectively.
    </p>
    <p>
      <b>Purchase of Vientos La Genoveva S.A.U. and Vientos La Genoveva II
      S.A.U. </b>On August 6, 2018 Central Puerto purchased from its
      subsidiary CP Renovables S.A., the special purpose vehicle companies
      (SPVs) Vientos La Genoveva S.A.U. and Vientos La Genoveva II S.A.U.,
      which are developing the wind farms La Genoveva I and La Genoveva II,
      respectively. As a consequence, Central Puerto S.A. currently holds a
      100% direct stake in both projects.
    </p>
    <p>
      <b>Purchase of the solar project El Puesto. </b>On August 2018 Central
      Puerto purchased the solar project El Puesto, located in the Province of
      Catamarca. The project will have a power capacity of 12 MW and will sell
      its energy to private off-takers under the MATER regulation (&#8220;MATER&#8221;
      stands for &#8220;Term Market for Renewable Energy&#8221;). The expected commercial
      operation date is August 2020.
    </p>
    <p>
      <b>B. Recent news</b>
    </p>
    <p>
      <b>Res. 70/2018. </b>On November 7, 2018 the Secretariat of Energy
      issued Res. 70/2018, which authorized generators to procure their own
      fuel for assets under the Energ&#237;a Base Regulatory framework. If
      generation companies opt to take this option, CAMMESSA will value and
      pay the generators their respective fuel costs in accordance with the
      Variable Costs of Production (CVP) declared by each generator to
      CAMMESA. According to CAMMESA&#8217;s procedure, the machines with the lower
      CVPs are dispatched first, and consequently, may produce more electric
      energy.
    </p>
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    <p>
      The Agency in Charge of Dispatch (Organismo Encargado del Despacho or
      &#8220;OED&#8221; using the Spanish acronym) -CAMMESA- will continue to supply the
      fuel for those generation companies that do not elect to take this
      option.
    </p>
    <p>
      <b>Application of IAS 29.</b> Given that Argentina&#8217;s accumulated
      triennial inflation, either calculated based on the wholesale price
      index or the consumer price index, is currently over 100%, and the
      revised targets of the national government, and other available
      projections, indicate that this trend will not reverse in the short
      term, the Argentine economy is currently considered hyperinflationary
      under IAS 29. Under IAS 29, entities that must prepare their financial
      statements pursuant to IFRS, and whose functional currency is the
      Argentine peso, such as Central Puerto, must restate their financial
      statements relating to annual or intermediate periods closed after July
      1, 2018. Such restatement must take place as if the economy had always
      been hyperinflationary, using a general price index that reflects
      changes in the purchasing power of the currency.
    </p>
    <p>
      However, article 3 of Chapter III, Title IV of the Rules of the CNV
      (N.T. 2013 and amendments) establishes that the entities subject to the
      control of the CNV cannot apply the restatement method of financial
      statements in a homogeneous currency provided by IAS 29. This is because
      Decree No. 1259/2002 (amended by Decree No. 664/2003) instructs CNV not
      to accept the presentation of financial statements adjusted for
      inflation. The exclusion of IAS 29 in the application of IFRS will
      proceed until such a decree is in force.
    </p>
    <p>
      Although our financial statements as of and for the period ended on
      September 30, 2018 do not include the effects of the inflation
      adjustment, the existence of important variations caused by inflation in
      the factors that affect Central Puerto&#8217;s business, such as the wage
      cost, the prices of the main raw materials and of other inputs, the
      interest rate of other outstanding indebtedness and the exchange rate,
      as well as the financial situation and the results of the Company, and,
      therefore, these variations should be taken into account when reading
      our financial statements. We include more information on this issue in a
      note to our financial statements as of and for the nine-month period
      ended on September 30, 2018.
    </p>
    <p>
      In accordance with SEC rules, our annual report on Form 20-F for the
      fiscal year ended December 31, 2018 will include Financial Statements
      applying IAS 29. As of the date of this release, we are in the process
      of quantifying the impact of applying IAS 29, which we expect will be
      significant. We include a summary of the effects that could derive of
      applying IAS 29 in a note to our financial statements as of and for the
      nine-month period ended on September 30, 2018.
    </p>
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    </div>
    <p>
      <b>C. Main operating metrics</b>
    </p>
    <p>
      The table below sets forth key operating metrics for 3Q2018, compared to
      2Q2018 and 3Q2017, and 9M2018, compared to 9M2017:
    </p>
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          <i><b>Key Metrics</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>3Q </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
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          <b>2Q</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
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          <b>3Q</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
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          <b>Var %</b>

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            <b>(3Q /3Q)</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
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          <b>9M</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
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          &#160;
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          <b>9M</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
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          <b>Var</b>

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            <b>%</b>
          </p>
        </td>
        <td>

        </td>
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          <b>Continuing Operations</b>
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          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Energy Generation (GWh)</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>4,422</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,145</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,937</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>12%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>11,007</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>11,588</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>(5%)</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          -Electric Energy Generation-Thermal
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,911
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,109
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,986
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (3%)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7,629
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          9,446
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (19%)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          -Electric Energy Generation - Hydro
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,456
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,035
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          951
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          53%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,323
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,142
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          55%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          -Electric Energy Generation - Wind
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          55
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          N/A
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          55
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          N/A
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Installed capacity (MW; EoP<sup>1</sup>)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,810</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,663</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,791</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,810</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,791</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          -Installed capacity -Thermal (MW)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,222
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,222
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,350
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (5%)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,222
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,350
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (5%)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          -Installed capacity - Hydro (MW)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,441
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,441
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,441
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          0%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,441
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,441
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          0%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          -Installed capacity - Wind (MW)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          147
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          N/A
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          147
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          N/A
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Availability - Thermal<sup>2</sup></b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>94%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>79%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>91%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2 p.p.</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>87%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>89%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>(2 p.p.)</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Steam production (thousand Tons)</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>286</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>285</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>289</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>(1%)</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>846</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>888</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>(5%)</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <sup>1 </sup>EoP refers to &#8220;End of Period&#8221;
    </p>
    <p>
      <sup>2</sup> Availability weighted average by power capacity. Off-time
      due to scheduled maintenance agreed with CAMMESA is not included in the
      ratio.
    </p>
    <p>
      Source: CAMMESA; company data.
    </p>
    <p>
      In 3Q2018, energy generation from continuing operations increased 12% to
      4,422 GWh, compared to 3Q2017, mainly because of a 53% increase in hydro
      generation, which recovered after 2016-2017&#8217;s drought, and the start of
      operations from the wind farms Achiras I and La Castellana I, while
      thermal production in the period decreased 3%. During 3Q2018, machine
      availability of thermal units was 94%, compared to 91% in 3Q2017,
      showing a sustained level and well above the market average availability
      for thermal units for the same period of 79%, according to data from
      CAMMESA.
    </p>
    <p>
      Finally, steam production showed a 1% decrease totaling 286,000 tons
      produced during 3Q2018 compared to 289,000 tons during the 3Q2017, due
      to less demand by our client.
    </p>
    <p>
      In 9M2018, energy generation from continuing operations decreased 5% to
      11,007 GWh, compared to 9M2017, affected by a 19% decrease in thermal
      generation mainly due to scheduled maintenance in the Puerto Combined
      Cycle Plant during 2Q2018. The temporary impact on thermal production
      was partially offset by a 55% increase in hydro generation due to
      greater water flow. During 9M2018, machine availability of thermal units
      was 87%, compared to 89% in 9M2017, mainly due to the above-mentioned
      extension (unscheduled) of the maintenance of the Puerto Combined Cycle
      Plant. Nonetheless, Central Puerto&#8217;s availability was higher than the
      market average of 79% for the same period, according to data from
      CAMMESA.
    </p>
    <p>
      Finally, during 9M2018, steam production decreased 5% to 846,000 tons
      compared to 888,000 during the same period of 2017, due to less demand
      by our client.
    </p>
    <p>
      <b>Renewable energy</b>
    </p>
    <p>
      During 3Q2018, La Castellana I (99MW) and Achiras I (48MW) wind farms
      commenced their commercial operations. These plants generated and sold,
      under the RenovAr Program, a total of 55 GWh of electric energy during
      their first months of operations.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>D. Financials</b>
    </p>
    <p>
      <b>Main financial magnitudes of continuing operations</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Million Ps.</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>3Q</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>2Q</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>3Q</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Var %</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>9M</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>9M</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Var</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>(3Q/3Q)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,513
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,102
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,539
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>128%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          4,021
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>84%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          Cost of sales
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,191)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (937)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (652)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>83%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (2,876)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,955)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>47%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Gross profit</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,322</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,165</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>887</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>162%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>4,543</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,067</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>120%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          Administrative and selling expenses
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (268)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (255)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (150)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>79%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (726)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (447)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>62%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Operating income before other </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>operating results</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,054</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>910</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>738</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>178%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,818</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,620</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>136%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          Other operating results, net<sup><b>1</b></sup>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          6,630
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          4,651
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          161
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>4,015%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          20,036
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          283
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>6,989%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>8,684</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>5,561</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>898</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>867%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>23,854</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,902</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,154%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          Depreciation and Amortization
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          123
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          67
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          74
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>62%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          264
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          204
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>25%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Adjusted EBITDA<sup>2</sup></b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>8,808</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>5,628</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>972</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>804%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>24,118</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,106</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,041%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="29" valign="middle">
          1 Other operating results, net include, among others, the following
          concepts:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <ul>
            <li>
              CVO effect
            </li>
          </ul>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>-</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>-</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>-</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          N/A
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>-</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          N/A
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" rowspan="3" valign="middle">
          <ul>
            <li style="margin-bottom: 10.0px">
              Foreign Exchange Difference and
            </li>
          </ul>
          <p style="margin-top: 0px; margin-bottom: 0px">
            interests related to FONI trade receivables
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          6,297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          4,456
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          16,554%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          10,802
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          79
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          13,564%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" colspan="29" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            See &#8220;CVO effect&#8221; below for further information.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            2 See &#8220;Disclaimer-Adjusted EBITDA&#8221; below for further information.
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <i><b>Average exchange rate of period</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>31.96</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>23.58</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>17.29</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>85%</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>31.96</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>16.26</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>97%</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <i><b>Exchange rate end of period</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>41.25</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>28.85</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>17.31</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>138%</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>41.25</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>17.31</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <i><b>138%</b></i>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      NOTE: Exchange rates quoted by the Banco de la Naci&#243;n Argentina are
      provided only as a reference. The average exchange rate is calculated as
      the average of the daily exchange rates quoted by the Banco de la Naci&#243;n
      Argentina for wire transfers (divisas) for the relevant period.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Adjusted EBITDA Reconciliation</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Million Ps.</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>3Q </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2Q</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          <b>3Q</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Var % </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(3Q/3Q)</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>9M</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>9M</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Var %</b>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net income for the period<sup>2</sup>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5,404
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,943
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          806
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>571%</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          16,849
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,079
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>710%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Financial expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,993
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,142
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          162
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,130%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,395
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          486
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>599%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Financial income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (459)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (875)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (124)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>271%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,486)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (836)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>78%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Share of the profit of an associate
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (423)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (259)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (131)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>224%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (831)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (223)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>273%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Income tax expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,170
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,610
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          352
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>516%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          6,457
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          822
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>685%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          123
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          67
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          74
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>62%</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          264
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          204
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>25%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          Net income of discontinued operations
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (167)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>(100%)</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (530)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (426)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>25%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Adjusted EBITDA<sup>1,2</sup></b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>8,808</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>5,628</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>972</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>805%</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>24,118</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,106</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,042%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="15" valign="middle">
          1 Net income of the period includes, among others, the following
          Other operating results, net concepts:
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <ul>
            <li>
              CVO effect
            </li>
          </ul>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>-</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>-</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>-</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          N/A
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7,959
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>-</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          N/A
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <ul>
            <li>
              Foreign Exchange Difference and interests related to FONI trade
              receivables
            </li>
          </ul>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          6,297
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          4,456
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          38
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          16,554%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          10,802
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          79
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          13,564%
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" colspan="15" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            See &#8220;CVO effect&#8221; below for further information.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            2 See &#8220;Disclaimer-Adjusted EBITDA&#8221; below for further information.
          </p>
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>3Q2018 Results Analysis</b>
    </p>
    <p>
      <b>Revenues from continuing operations increased 128% to Ps. 3,513
      million in the 3Q2018</b>, as compared to Ps. 1,539 million in 3Q2017.
      The increase in revenues was mainly driven by (i) the tariff increase
      established by Res. 19/17, which set higher prices for energy generation
      and machine availability and set the prices in US dollars (3Q2018 was
      fully-impacted by the November 2017 tariff increase), (ii) an 85%
      increase in the average exchange rate of 3Q2018, as compared to the
      average exchange rate of 3Q2017, which impacted on tariffs set in US
      dollars, (iii) a 12% increase in energy generation from continuing
      operations that totaled 4,422 GWh during 3Q2018, as compared to 3,937
      during 3Q2017, because of a 53% increase in generation form our hydro
      plants, and (iv) higher availability from our thermal units, which
      totaled 94% during 3Q2018.
    </p>
    <p>
      The table below sets forth the tariff scheme for Energ&#237;a Base effective
      since November 2017, by source of generation:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="top">
          <b>Thermal</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="top">
          <b>Hydro</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Capacity payments Res.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            19/17<sup>1</sup>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          Up to US$ 7,000 per MW per month
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            US$ 3,000 per MW per
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            month
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: left; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Energy payments
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Res. 19/17
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          US$ 7 per MWh for generation with natural gas

          <p style="margin-top: 0px; margin-bottom: 0px">
            US$ 10 per MWh for generation with fuel oil/gas oil
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          US$ 4.9 per MWh
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="6" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <sup>1</sup>Effective prices for capacity payment depend on the
      availability of each unit, and the achievement of the Guaranteed Bid
      Capacity (DIGO in Spanish) that each generator may send to CAMMESA twice
      a year. For further details, see &#8220;Item 4.B. Business Overview&#8212;The
      Argentine Electric Power Sector&#8212;Remuneration Scheme&#8212;The Current
      Remuneration Scheme&#8221; in the annual report on Form 20-F filed with the
      SEC on April 27, 2018.
    </p>
    <p>
      <b>Operating income before other operating results, net, increased 178%
      to Ps. 2,054 million, </b>compared to Ps. 738 million in the 3Q2017.
      This increase was due to (i) the above-mentioned increase in revenues,
      and (ii) a less-than-proportional increase in costs of sales in 3Q2018
      that totaled Ps. 1,191 million, an increase of 82% as compared to Ps.
      652 million in 3Q2017. The increase in the cost of sales was primarily
      driven by (i) an increase in the natural gas transportation and
      distribution tariffs and (ii) a 85% increase in the average exchange
      rate of 3Q2018, as compared to the average exchange rate of 3Q2017,
      which impacted the dollar-denominated price of natural gas and natural
      gas transportation and distribution tariffs, which was partially offset
      by (iii) a lower cost of the natural gas used for the units that
      generate steam and electric energy under the Energ&#237;a Plus framework. As
      a consequence, Gross Profit Margin increased 8 p.p., reaching 66% in the
      3Q2018. Additionally, the cost of administrative and selling expenses
      increased 79% totaling Ps. 268 million in 3Q2018 compared to Ps. 150
      million in the 3Q2017. This increase was mainly driven by (i) a 93%
      increase in compensation to employees as a result of x) an increase in
      the number of employees during the 3Q2018 as compared to the same period
      of 2017, mainly related to the development of the new thermal and
      renewable projects and y) salary adjustments agreed in the collective
      bargaining agreements during the period, and (ii) a 160% increase in
      taxes on bank account transactions, due to increased revenues, costs and
      capital investments completed during the period.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Adjusted EBITDA increased to Ps. 8,808 million in 3Q2018</b>,
      compared to Ps. 974 million in 3Q2017. This exceptionally high increase
      was driven by: (i) the increase in operating results before other
      operating income, net mentioned above, (ii) a Ps. 6,297 million gain in
      the 3Q2018 from the foreign exchange difference and interest accrued on
      the trade receivables denominated in US dollars, mainly from FONI.
    </p>
    <p>
      <b>Net income increased to Ps. 5,404 million or Ps. 3.79 per share, in
      3Q2018</b>, compared to Ps. 806 million or Ps. 0.53 per share, in
      3Q2017. In addition to the above-mentioned factors, net income was (i)
      negatively impacted by higher financial expenses that amounted to Ps.
      1,993 million in 3Q2018, compared to Ps. 162 million in 3Q2017, and (ii)
      positively impacted by higher financial income which amounted Ps. 459
      million during 3Q2018, compared to Ps. 124 million in the 3Q2017, in
      each case under (i) and (ii), mainly due to the foreign exchange
      difference over US dollar denominated debt and financial assets (which
      excludes FONI and other trade receivables). Additionally, results from
      the share of profit of associates increased to Ps. 423 million in
      3Q2018, as compared to Ps. 131 million in 3Q2017, mainly due to higher
      net income from Ecogas.
    </p>
    <p>
      <b>FONI collections were Ps. 143 million in 3Q2018,</b> compared to Ps.
      90 million in 3Q2017 -both including VAT- (equivalent to approximately
      US$ 4 million and US$ 5 million, respectively, at the average exchange
      rate of each period), in both cases associated to the FONI trade
      receivables for San Mart&#237;n and Manuel Belgrano Plants. As for the trade
      receivables associated with the CVO agreement, certain documentation has
      substantially been finalized by CAMMESA and is ready to be signed by the
      authorities.
    </p>
    <p>
      <b>9M2018 Results Analysis</b>
    </p>
    <p>
      <b>Revenues from continuing operations increased 84% to Ps. 7,419
      million in the 9M2018</b>, as compared to Ps. 4,021 million in 9M2017.
      The increase in revenues was mainly driven by (i) the tariff increase
      established by Res. 19/17, which set higher prices for energy generation
      and machine availability and set the prices in US dollars (9M2018 was
      fully-impacted by the November 2017 tariff increase) and (ii) a 97%
      increase in the average exchange rate of 9M2018, as compared to the
      average exchange rate of 9M2017, which impacted tariffs set in US
      dollars; which was partially offset by a 5% decrease in energy
      generation from continuing operations that totaled 11,007 GWh during
      9M2018, and less availability from our thermal units during 9M2018,
      mainly because of the scheduled maintenance of the Puerto Combined Cycle
      Plant.
    </p>
    <p>
      <b>Operating income before other operating results, net, increased 136%
      to Ps. 3,818 million, </b>compared to Ps. 1620 million in 9MQ2017. This
      increase was due to (i) the above-mentioned increase in revenues, and
      (ii) a less-than-proportional increase in costs of sales that totaled
      Ps. 2,876 million, a 47% increase as compared to Ps. 1,955 million in
      9M2017. The increase in the cost of sales was primarily driven by (i) an
      increase in the natural gas transportation and distribution tariffs and
      (ii) a higher cost of natural gas for the units that generate steam or
      electric energy under the Energ&#237;a Plus framework, mainly due to a 97%
      increase in the average exchange rate of 9M2018, as compared to the
      average exchange rate of 9M2017, which impacted the dollar-denominated
      price of natural gas. As a consequence, Gross Profit Margin increased 10
      p.p., reaching 61% in 9M2018. Additionally, the cost of administrative
      and selling expenses increased 62% totaling Ps. 726 million in 9M2018
      compared to Ps. 447 million in the 9M2017. This increase was mainly
      driven by (i) a 44% increase in compensation to employees mainly as a
      result of salary adjustments agreed in the collective bargaining
      agreements during the period, and (ii) a 60% increase in fees and
      compensation for professional services due to legal and financial
      advisory and consultancy services used during the period and (iii) a
      190% increase in taxes on bank account transactions, due to increased
      revenues, costs and capital investments completed during the period.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Adjusted EBITDA increased to Ps. 24,118 million in 9M2018</b>,
      compared to Ps. 2,113 million in 9M2017. This exceptionally high
      increase was driven by (i) the increase in operating results before
      other operating income, net mentioned above; (ii) a Ps. 7,959 million
      during the 9M2018 from a one-time-gain from the CVO Commercial Operation
      Approval (the &#8220;CVO effect&#8221;) and (iii) Ps. 11,504 million during the
      9M2018 from the foreign exchange difference and interest accrued on the
      trade receivables denominated in US dollars, mainly from FONI trade
      receivables.
    </p>
    <p>
      <b>Net income increased to Ps. 16,849 million or Ps. 11.53 per share, in
      9M2018</b>, compared to Ps. 2,079 million or Ps. 1.37 per share, in
      9M2017. In addition to the above-mentioned factors, net income was (i)
      was negatively impacted by higher financial expenses that amounted to
      Ps. 3,395 million in 9M2018, compared to Ps. 486 million in 9M2017, and
      (ii) positively impacted by higher financial income which amounted to
      Ps. 1,486 million during 9M2018, compared to Ps. 836 million in 9M2017,
      in each case under (i) and (ii), mainly due to the foreign exchange
      difference over US dollar denominated debt and financial assets (which
      excludes FONI and other trade receivables). Additionally, results from
      the share of profit of associates increased to Ps. 831 million in
      9M2018, as compared to Ps. 223 million in 9M2017, mainly due to higher
      net income from Ecogas and TGM.
    </p>
    <p>
      <b>FONI collections increased to Ps. 349 million in 9M2018,</b> compared
      to Ps. 258 million in 9M2017 -both including VAT- (equivalent to
      approximately US$ 15 million and US$ 16 million, respectively, at the
      average exchange rate of each period), in both cases associated to the
      FONI trade receivables for San Mart&#237;n and Manuel Belgrano Plants. As for
      the trade receivables associated with the CVO agreement, certain
      documentation has substantially been finalized by CAMMESA and is ready
      to be signed by the authorities.
    </p>
    <p>
      <b>Financial Situation</b>
    </p>
    <p>
      As of September 30, 2018, the Company and its subsidiaries showed a
      strong balance sheet with Cash and Cash Equivalents of Ps. 826&#160;million,
      and Current Financial Assets of Ps. 917&#160;million.
    </p>
    <p>
      Loans and borrowings totaling Ps. 6,716 million were received mainly by
      Central Puerto&#8217;s subsidiaries CP Achiras and CP La Castellana, to
      finance the construction of La Castellana I and Achiras I wind farms.
      From these, Ps. 920 million were current (due date of less than one
      year), and Ps. 5,796 million were non-current. The IFC-IIC facilities
      have to be repaid in 52 quarterly equal installments starting in
      February 2019 in the case of CP La Castellana, and May 2019, in the case
      of CP Achiras.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          <i><b>Million Ps.</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          <i><b>As of</b></i>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>September 30, 2018</b></i>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Cash and cash equivalents
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          484
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Other financial assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          880
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          Financial Debt
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          0
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Subtotal Individual Net Cash Position</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,364</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Cash and cash equivalents of subsidiaries
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          342
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Other financial assets of subsidiaries
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          37
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Financial Debt of subsidiaries

          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Composed of:</i>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (6,716)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="middle">
          Financial Debt of subsidiaries (current)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (920)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          Financial Debt of subsidiaries (non-current)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (5,796)
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Subtotal Subsidiaries Net Cash Position</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (6,336)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Consolidated Net Cash Position</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (4,972)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Cash Flows for 9M2018</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          <i><b>Million Ps.</b></i>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="middle">
          <b>9M2018 </b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Ended September 30, 2018</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Cash and Cash equivalents at the beginning</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          89
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net cash flows provided by operating activities
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1506
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net cash flows used in investing activities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (2,217)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Net cash flows provided by financing activities
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          314
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          Exchange difference and other financial results
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          1135
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="middle">
          <b>Cash and Cash equivalents at the end</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          826
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Net cash provided by operating activities was Ps. 1,505&#160;million
      during 9M2018</b>. This cash flow arises from Ps. 23,343 million from
      the operating income from continuing operations obtained during the
      9M2018, <i>minus</i> the non-cash items included in it, which were
      mainly: (i) Ps. 7,959 million from the one-time CVO receivables update
      and interest, (ii) Ps. 10,654 million from trade receivables foreign
      exchange difference, (iii) Ps. 520 million from the discount of accounts
      receivables and payable, net, mainly from the present value of
      accounting provision for the income tax, payable in May 2019 and (iv)
      Ps. 1,986 million from income tax paid.
    </p>
    <p>
      <b>Net cash used in investing activities was Ps. 2,217&#160;million in 9M2018</b>.
      This amount was mainly due to (i) payments that amounted to Ps.
      3,909&#160;million for the purchase of property, plant and equipment for the
      construction of Achiras I and La Castellana I wind farms, and thermal
      cogeneration units Terminal 6 and Luj&#225;n de Cuyo. This was partially
      offset by partially offset by (i) Ps. 435 million obtained by the sale
      of short-term financial assets, net, (ii) Ps. 669 million from proceeds
      from dividends from associates, mentioned above and (iii) Ps. 587
      million from the proceeds of the La Plata Plant Sale.
    </p>
    <p>
      <b>Net cash provided by financing activities was Ps. 314 million in
      9M2018</b>. The main financing activities during 9M2018 were the
      above-mentioned long-term loans received by CP Achiras and CP La
      Castellana, for the construction of the Achiras I and La Castellana I
      wind farms for a net amount of Ps. 1,411 million, after deducting the
      repayment of long term loans during 9M2018, which was partially offset
      by (i) Ps. 1,054 million in cash dividend distributed to Central
      Puerto&#8217;s stockholders, and (ii) Ps. 322 million paid in interest and
      financial expenses.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>E. Tables</b>
    </p>
    <p>
      <b>a.</b> <b>Consolidated Income Statement</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>9M2018</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>9M2017</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Thousand Ps.</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Thousand Ps.</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7,419,288
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          4,021,380
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Cost of sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (2,876,055)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,954,777)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Gross income</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>4,543,233</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,066,603</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Administrative and selling expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (725,602)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (446,999)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other operating income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          12,152,357
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          318,218
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Other operating expenses
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            CVO receivables update and interests
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          (74,718)
        </td>
        <td>

        </td>
        <td rowspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" rowspan="2" valign="bottom">
          (35,575)

          <p style="margin-top: 0px; margin-bottom: 0px">
            -
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          7,958,658
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>23,853,928</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,902,247</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Finance Income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,458,523
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          835,800
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Finance Expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (3,394,618)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (485,673)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Share of the profit of associates
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          830,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          222,915
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Income before income tax form continuing </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>22,775,524</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,475,289</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Income tax for the period
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (6,456,817)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (822,262)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net income for the period from continuing </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>16,318,707</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,653,027</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>DISCONTINUED OPERATIONS</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net income for the period from non-continuing </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>operations</b>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          530,489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          426,062
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Net income for the period</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>16,849,196</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,079,089</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="8" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="top">
          <b>3Q2018</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="bottom">
          <b>2Q2018</b>
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="bottom">
          <b>3Q2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Thousand Ps.</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Thousand Ps.</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="middle">
          <b>Thousand Ps.</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Revenues
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,513,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,101,825
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,539,456
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Cost of sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,191,262)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (936,735)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (652,165)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Gross income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,322,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,165,090
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>887,291</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Administrative and selling expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (268,188)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (255,210)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (149,764)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other operating income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          6,661,153
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          4,676,293
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          177,221
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other operating expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (30,707)
        </td>
        <td>

        </td>
        <td rowspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (25,653)
        </td>
        <td>

        </td>
        <td rowspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (16,630)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          CVO receivables update and interests
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>8,684,307</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>5,560,520</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>898,118</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Finance Income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          459,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          875,360
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          123,803
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Finance Expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,992,971)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,141,801)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (161,983)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Share of the profit of associates
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          423,333
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          259,297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          130,722
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Income before income tax form continuing</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          <b>operations</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>7,574,127</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>5,553,376</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>990,660</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Income tax for the period
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (2,169,645)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,610,330)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (352,034)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net income for the period from continuing</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>operations</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>5,404,482</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,943,046</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>638,626</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>DISCONTINUED OPERATIONS</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net income for the period from non-continuing</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>operations</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          166,986
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Net income for the period</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>5,404,482</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,943,046</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>805,612</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="11" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>b.</b> <b>Consolidated Statement of Financial Position</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>As of September 30, </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>As of December 31, </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="bottom">
          <b>Thousand Ps.</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="bottom">
          <b>Thousand Ps.</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Non-current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Property, plant and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          11,699,684
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7,431,728
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Intangible assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          579,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          187,833
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Investment in associates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,147,042
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          985,646
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Trade and other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          18,690,258
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,602,213
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other non-financial assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          242,523
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          12,721
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          48,203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          48,203
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Other financial assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          44,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          32,451,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          11,268,344
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          166,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          110,290
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other non-financial assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          705,062
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          470,895
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Trade and other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          9,192,004
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,887,065
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other financial assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          917,457
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,110,728
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          826,231
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          88,633
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          11,807,696
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          5,667,611
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Assets held-for-sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          143,014
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          11,807,696
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          5,810,625
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          44,259,546
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          17,078,969
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Equity and liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Capital stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,514,022
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,514,022
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Adjustment to capital stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          664,988
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          664,988
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Merger premium
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          376,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          376,571
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Legal and other reserves
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          668,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          519,189
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Voluntary reserve
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,744,471
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          450,865
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          17,366,464
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,503,046
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          43,284
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Equity attributable to shareholders of the parent</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          23,335,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          7,071,965
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Non-controlling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          36,417
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          289,035
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Total Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          23,371,746
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          7,361,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Non-current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other non-financial liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,208,002
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          468,695
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other loans and borrowings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          5,795,825
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,478,729
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Borrowings from CAMMESA
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          933,527
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,055,558
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Compensation and employee benefits liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          117,015
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          113,097
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Deferred income tax liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px; padding-bottom: 2.0px" valign="bottom">
          1,719,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          703,744
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          10,744,248
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          3,819,823
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Trade and other payables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,209,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,017,306
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Borrowings from CAMMESA
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,820,826
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,753,038
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other non-financial liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,313,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          659,668
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other loans and borrowings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          919,708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          505,604
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Compensation and employee benefits liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          337,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          323,078
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income tax payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          4,040,635
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,096,817
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Provisions
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          471,919
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          413,474
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          10,113,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          5,768,985
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Liabilities associated with the assets held for sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          129,161
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          10,113,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          5,898,146
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          20,887,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          9,717,969
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="bottom">
          <b>Total equity and liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          44,259,546
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          17,078,969
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="10" valign="top">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>c.</b> <b>Consolidated Statement of Cash Flow</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>9M2018</b>
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>9M2017</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="bottom">
          <b>Thousand Ps.</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; text-align: center" valign="bottom">
          <b>Thousand Ps.</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income for the period before income tax from continuing
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            operations
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          22,775,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,475,289
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; padding-bottom: 2.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income for the period before income tax from discontinued
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            operations
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          567,628
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          655,481
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Income for the period before income tax
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>23,343,152</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,130,770</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Adjustments to reconcile income for the period before</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="middle">
          <b>income tax to net cash flows:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Depreciation of property, plant and equipment
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          237,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          181,468
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Disposal of property, plant and equipment
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          30,917
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          411
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Amortization of intangible assets
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          26,336
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          29,614
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Discount of accounts receivable and payable, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (519,971)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (17,598)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          CVO receivables update and interests
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (7,958,658)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest earned from customers
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (850,489)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (155,942)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Financial income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,485,523)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (835,800)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Financial expenses
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,394,618
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          485,927
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Share of the profit of associates
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (830,690)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (222,915)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Stock-based payments
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,312
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Movements in provisions and long-term employee
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            benefit plan expenses
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          81,990
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          57,873
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Trade receivables foreign Exchange difference
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (10,653,625)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Income from the sale of La Plata plant
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (572,992)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Working capital adjustments:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Increase in trade and other receivables
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (2,573,032)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (658,707)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Decrease (Increase) in other non-financial assets and
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            inventories
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (520,621)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (28,602)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Increase in trade and other payables, other non-
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          financial liabilities and liabilities from employee
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          benefits
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          2,314,360
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          235,807
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,466,923</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,202,306</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest received from customers
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          24,692
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          16,451
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Income tax paid
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,985,880)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (574,684)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          <b>Net cash flows provided by operating activities</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,505,735</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,644,073</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Purchase of property, plant and equipment
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (3,908,715)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,034,693)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Sale of financial assets, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          435,437
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,183,627
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Dividends received
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          669,348
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          36,372
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Cash flows generated from the sale of La Plata plant
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          586,845
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Others
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          (6)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="middle">
          <b>Net cash flows provided by investing activities</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>(2,217,085)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>185,300</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          <b>Financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Short term loans (settlements) proceeds, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          23,737
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (191,817)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Long term loans received
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          3,188,944
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Long term loans paid
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,778,260)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Interests and other loan costs paid
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (322,119)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (42,758)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Dividends paid
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,053,620)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,279,393)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="middle">
          Loans cancelled
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (994,966)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Borrowings received from CAMMESA
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          403,427
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="bottom">
          Contributions from non-controlling interests
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          255,142
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          266,913
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="middle">
          <b>Net cash flows provided (used in) by financing activities</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>313,824</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>(1,838,594)</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net increase in cash and cash equivalents</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (397,526)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          (9,221)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Exchange difference and other financial results
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          1,135,124
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px" valign="bottom">
          2,088
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="middle">
          Cash and cash equivalents as of January 1
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          88,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: solid; text-align: right; padding-right: 0.0px" valign="bottom">
          30,008
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="middle">
          <b>Cash and cash equivalents as of September 30</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>826,231</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-color: black; white-space: nowrap; border-bottom-style: double; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>22,875</b>
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>F. Information about the Conference Call</b>
    </p>
    <p>
      There will be a conference call to discuss Central Puerto&#8217;s third
      quarter 2018 results on Tuesday November 13, 2018 at 12:00 p.m. New York
      Time / 14:00 Buenos Aires Time.
    </p>
    <p>
      The hosts will be Mr. Jorge Rauber, Chief Executive Officer, and Mr.
      Fernando Bonnet, Chief Financial Officer. To access the conference call,
      please dial:
    </p>
    <p style="text-align: center">
      United States Participants (Toll Free): +1-888-317-6003
    </p>
    <p style="text-align: center">
      Argentina Participants (Toll Free): 0800-555-0645
    </p>
    <p style="text-align: center">
      International Participants: +1-412-317-6061
    </p>
    <p style="text-align: center">
      Passcode: 3360702
    </p>
    <p>
      The Company will also host a live audio webcast of the conference call
      on the Investor Relations section of the Company's website at <u>http://investors.centralpuerto.com/</u>.
      Please allow extra time prior to the call to visit the website and
      download any streaming media software that might be required to listen
      to the webcast.
    </p>
    <p>
      You may find additional information on the Company at:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <u>http://investors.centralpuerto.com/</u>
      </li>
      <li style="margin-bottom: 10.0px">
        <u>www.cnv.gob.ar</u>
      </li>
      <li style="margin-bottom: 10.0px">
        <u>www.sec.gov</u>
      </li>
    </ul>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Glossary</b>
    </p>
    <p>
      In this release, except where otherwise indicated or where the context
      otherwise requires:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        &#8220;CAMMESA&#8221; refers to <i>Compa&#241;&#237;a Administradora del Mercado
        Mayorista El&#233;ctrico Sociedad An&#243;nima</i>;
      </li>
      <li style="margin-bottom: 10.0px">
        &#8220;CVP&#8221; refers to Variable Cost of Production of producing energy, which
        may be declared by the generation companies to CAMMESA;
      </li>
      <li style="margin-bottom: 10.0px">
        &#8220;CVO effect&#8221; refers to the CVO receivables update and interests
        triggered by the CVO Plant Commercial Operation Approval, which
        generated a Ps. 7,959 million one-time-gain accrued during the 1Q2018;
      </li>
      <li style="margin-bottom: 10.0px">
        &#8220;Ecogas&#8221; refers collectively to <i>Distribuidora de Gas
        Cuyana</i> (&#8220;DGCU&#8221;), and its controlling company <i>Inversora
        de Gas Cuyana (&#8220;IGCU&#8221;)</i> and <i>Distribuidora de Gas del
        Centro</i> (&#8220;DGCE&#8221;), and its controlling company <i>Inversora
        de Gas del Centro (&#8220;IGCE&#8221;)</i>;
      </li>
      <li style="margin-bottom: 10.0px">
        &#8220;Energ&#237;a Base&#8221; (legacy energy) refers to the regulatory framework
        established under Resolution SE No.&#160;95/13, as amended, and, since
        February 2017, regulated by Resolution SEE No.&#160;19/17;
      </li>
      <li style="margin-bottom: 10.0px">
        &#8220;FONINVEMEM&#8221; or &#8220;FONI&#8221;, refers to the <i>Fondo
        para Inversiones Necesarias que Permitan Incrementar la Oferta de
        Energ&#237;a El&#233;ctrica en el Mercado El&#233;ctrico Mayorista</i>
        (the Fund for Investments Required to Increase the Electric Power
        Supply) and Similar Programs, including Central Vuelta de Obligado
        (CVO) Agreement;
      </li>
      <li style="margin-bottom: 10.0px">
        &#8220;MATER&#8221;, refers to Mercado a T&#233;rmino de Energ&#237;a Renovable, is the
        regulatory framework that allows generators to sell electric energy
        from renewable sources directly to large users.
      </li>
      <li style="margin-bottom: 10.0px">
        &#8220;p.p.&#8221;, referes to percentage points;
      </li>
      <li style="margin-bottom: 10.0px">
        &#8220;TGM&#8221; refers to Transportadora de Gas del Mercosur S.A.;
      </li>
    </ul>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Disclaimer</b>
    </p>
    <p>
      Rounding amounts and percentages: Certain amounts and percentages
      included in this release have been rounded for ease of presentation.
      Percentage figures included in this release have not in all cases been
      calculated on the basis of such rounded figures, but on the basis of
      such amounts prior to rounding. For this reason, certain percentage
      amounts in this release may vary from those obtained by performing the
      same calculations using the figures in the financial statements. In
      addition, certain other amounts that appear in this release may not sum
      due to rounding.
    </p>
    <p>
      This release contains certain metrics, including information per
      share,&#160;operating information, and others, which do not have standardized
      meanings or standard methods of calculation and therefore such measures
      may not be comparable to similar measures used by other companies. Such
      metrics have been included herein to provide readers with additional
      measures to evaluate the Company&#8217;s performance; however, such measures
      are not reliable indicators of the future performance of the Company and
      future performance may not compare to the performance in previous
      periods.
    </p>
    <p>
      <b>OTHER INFORMATION</b>
    </p>
    <p>
      Central Puerto routinely posts important information for investors in
      the Investor Relations support section on its website,
      www.centralpuerto.com. From time to time, Central Puerto may use its
      website as a channel of distribution of material Company information.
      Accordingly, investors should monitor Central Puerto&#8217;s Investor Support
      website, in addition to following the Company&#8217;s press releases, SEC
      filings, public conference calls and webcasts. The information contained
      on, or that may be accessed through, the Company&#8217;s website is not
      incorporated by reference into, and is not a part of, this release.
    </p>
    <p>
      <b>CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION</b>
    </p>
    <p>
      This release contains certain forward-looking information and
      forward-looking statements as defined in applicable securities laws
      (collectively referred to in this Earnings Release as &#8220;forward-looking
      statements&#8221;) that constitute forward-looking statements. All statements
      other than statements of historical fact are forward-looking statements.
      The words &#8216;&#8216;anticipate,&#8217;&#8217; &#8216;&#8216;believe,&#8217;&#8217; &#8216;&#8216;could,&#8217;&#8217; &#8216;&#8216;expect,&#8217;&#8217;
      &#8216;&#8216;should,&#8217;&#8217; &#8216;&#8216;plan,&#8217;&#8217; &#8216;&#8216;intend,&#8217;&#8217; &#8216;&#8216;will,&#8217;&#8217; &#8216;&#8216;estimate&#8217;&#8217; and
      &#8216;&#8216;potential,&#8217;&#8217; and similar expressions, as they relate to the Company,
      are intended to identify forward-looking statements.
    </p>
    <p>
      Statements regarding possible or assumed future results of operations,
      business strategies, financing plans, competitive position, industry
      environment, potential growth opportunities, the effects of future
      regulation and the effects of competition, expected power generation and
      capital expenditures plan, are examples of forward-looking statements.
      Forward-looking statements are necessarily based upon a number of
      factors and assumptions that, while considered reasonable by management,
      are inherently subject to significant business, economic and competitive
      uncertainties and contingencies, which may cause the actual results,
      performance or achievements of the Company to be materially different
      from any future results, performance or achievements expressed or
      implied by the forward-looking statements.
    </p>
    <p>
      The Company assumes no obligation to update forward-looking statements
      except as required under securities laws. Further information concerning
      risks and uncertainties associated with these forward-looking statements
      and the Company&#8217;s business can be found in the Company&#8217;s public
      disclosures filed on EDGAR (<u>www.sec.gov</u>).
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Adjusted EBITDA</b>
    </p>
    <p>
      In this release, Adjusted EBITDA, a non-IFRS financial measure, is
      defined as net income for the year, <i>plus</i> finance expenses, <i>minus</i>
      finance income, <i>minus </i>share of the profit of associates, minus
      depreciation and amortization, <i>plus</i> income tax expense, <i>plus</i>
      depreciation and amortization, <i>minus</i> net results of discontinued
      operations.
    </p>
    <p>
      Adjusted EBITDA is believed to provide useful supplemental information
      to investors about the Company and its results. Adjusted EBITDA is among
      the measures used by the Company&#8217;s management team to evaluate the
      financial and operating performance and make day-to-day financial and
      operating decisions. In addition, Adjusted EBITDA is frequently used by
      securities analysts, investors and other parties to evaluate companies
      in the industry. Adjusted EBITDA is believed to be helpful to investors
      because it provides additional information about trends in the core
      operating performance prior to considering the impact of capital
      structure, depreciation, amortization and taxation on the results.
    </p>
    <p>
      Adjusted EBITDA should not be considered in isolation or as a substitute
      for other measures of financial performance reported in accordance with
      IFRS. Adjusted EBITDA has limitations as an analytical tool, including:
    </p>
    <p>
      &#8226; Adjusted EBITDA does not reflect changes in, including cash
      requirements for, our working capital needs or contractual commitments;
    </p>
    <p>
      &#8226; Adjusted EBITDA does not reflect our finance expenses, or the cash
      requirements to service interest or principal payments on our
      indebtedness, or interest income or other finance income;
    </p>
    <p>
      &#8226; Adjusted EBITDA does not reflect our income tax expense or the cash
      requirements to pay our income taxes;
    </p>
    <p>
      &#8226; although depreciation and amortization are non-cash charges, the
      assets being depreciated or amortized often will need to be replaced in
      the future, and Adjusted EBITDA does not reflect any cash requirements
      for these replacements;
    </p>
    <p>
      &#8226; although share of the profit of associates is a non-cash charge,
      Adjusted EBITDA does not consider the potential collection of dividends;
      and
    </p>
    <p>
      &#8226; other companies may calculate Adjusted EBITDA differently, limiting
      its usefulness as a comparative measure.
    </p>
    <p>
      The Company compensates for the inherent limitations associated with
      using Adjusted EBITDA through disclosure of these limitations,
      presentation of the Company&#8217;s consolidated financial statements in
      accordance with IFRS and reconciliation of Adjusted EBITDA to the most
      directly comparable IFRS measure, net income. For a reconciliation of
      the net income to Adjusted EBITDA, see the tables included in this
      release.
    </p>
    <p>
      CONTACT:<br>Central Puerto S.A<br><b>Fernando Bonnet</b><br>Chief
      Financial Officer<br>or<br><b>Tom&#225;s Daghlian,</b>(+54 11) 4317 5000
      ext.2192<br>Investor Relations Officer<br><u>inversores@centralpuerto.com</u><br><u>www.centralpuerto.com</u>
    </p>
    <p style="text-align: left">

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b>
    </p>
    <p>
      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.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="bottom">
          <b>Central Puerto S.A.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 50%; text-align: left; padding-bottom: 2.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date: November 12, 2018
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 5%; text-align: left; padding-bottom: 2.0px" valign="middle">
          By:
        </td>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; width: 45%; border-bottom-style: solid; text-align: left" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ FERNANDO BONNET
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="middle">
          Name:
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Fernando Bonnet
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 5%; text-align: left" valign="middle">
          Title:
        </td>
        <td style="padding-left: 0.0px; width: 45%; text-align: left" valign="middle">
          Attorney-in-Fact
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">

    </p>
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</SEC-DOCUMENT>
